MaxWorth Insights Blog
The MaxWorth Team has been working with professionals in the healthcare industry for over thirteen years. What’s the most important thing we’ve learned? That there’s always more to learn. Healthcare is constantly changing. So are the challenges we aim to address. We hope you can benefit from the collective knowledge and experiences of our clients and strategic partners.
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The fairness factor: How to avoid agitation around nurse pay
The fairness factor: How to avoid agitation around nurse pay MaxWorth got its start designing healthcare compensation strategies nearly two decades ago when call pay was one of the most contentious topics in the industry. We quickly learned that a perceived lack of fairness was at the heart of nearly every conflict we were brought…
Read More Balancing penalties and rewards in benefits for health care providers
Balancing penalties and rewards in benefits for health care providers NBC News recently reported that it’s becoming common for hospitals to require nurses to pay back the cost of their training if they choose to leave or are fired within a certain amount of time. These costs can amount up to $15,000, so they represent…
Read More Hidden opportunities to reduce healthcare labor cost
Hidden opportunities to reduce healthcare labor cost In January, KaufmanHall reported that 2022 was the worst financial year for hospitals and health systems since the start of the COVID-19 pandemic. December saw an increase in provider productivity, but it simply wasn’t enough to outweigh cost increases. Expenses likely to remain high Our clients…
Read More Benefits for an aging physician population
Benefits for an aging physician population The AAMC’s 2022 Physician Specialty Data Report found that nearly half of physicians currently practicing are aged 55 or older. An aging physician population places pressure on recruitment and retention in many ways. Healthcare leaders might be asking themselves: Are young people encouraged to pursue medicine? How will years…
Read More The future of call pay
The Future of Call Pay Healthcare is always changing, and the pandemic accelerated change in many ways. Healthcare leaders and physicians might be wondering how recent changes will impact call pay. Let’s take a look at the origin of conflict over call pay, factors that are perpetuating it, and why we believe call pay will…
Read More MaxWorth’s longest running call pay program is better than ever
MaxWorth’s longest running call pay program is better than ever More than fifteen years ago, Winchester Medical Center became MaxWorth’s first healthcare client when we helped them solve a call pay conflict that was threatening their ability to staff their emergency department. Today, the hospital’s call pay program is just as valuable to the organization…
Read More MaxWorth Insights: The Call Pay Solution Anniversary
MaxWorth Insights: The Call Pay Solution Anniversary A conversation with Steve Worthy, Max Hockenberry and Dr. Tom Oliver MaxWorth Consulting Group, LLC · The Call Pay Solution Anniversary Celebrating the anniversary of our longest-running call pay program On this episode of MaxWorth Insights, we’re celebrating the anniversary of our first call pay program with the help…
Read More Nurse compensation: Know what benefits matter most
Nurse compensation: Know what benefits matter most Nursing turnover rates are increasing. In 2019, they stood at 18%, and by 2021, they had risen to 22%. Today, that number has reached 37% in some areas. The full extent of the pandemic’s impact on nurse retention is yet to be seen, and the shortage is already…
Read More Nursing benefits and the power of appreciation
Nursing benefits and the power of appreciation The US Bureau of Labor Statistics estimates that 203,200 additional nurses will be needed in the workforce each year from now until 2031. This shortage is impacted by the growing number of nurses reaching retirement age, high turnover rates, and increased demand due to the aging population and…
Read More Nursing Retention: Tailored benefits may be part of the solution
Nursing Retention: Tailored benefits may be part of the solution The correlation between nurse-to-patient ratios and patient outcomes has been well documented. So, the growth in nursing turnover is not a good omen for the trajectory of quality of care in America. Our nurses are concerned, and many are making demands, hoping that higher wages…
Read More MaxWorth Insights: Physician Benefit Plans
MaxWorth Insights: Physician Benefit Plans A conversation with Dr. Tom Oliver MaxWorth Consulting Group, LLC · MaxWorth Insights: Recruiting and Retention with Dr. Oliver Recruiting and Retention in Today’s Market Physician recruitment and retention has never been more challenging. But there are many ways healthcare organizations can distinguish themselves in the marketplace. In this episode,…
Read More Roadblocks to Physician Recruitment and Retention: Financing
Roadblocks to Physician Recruitment and Retention Part Three: Financing Non-qualified deferred compensation (NQDC) plans can help hospitals and health systems recruit and retain physicians. Unfortunately, most healthcare organizations do not fully utilize this tool. In previous posts, we talked about how a lack of thoughtful design and communication can hinder a plan’s effectiveness. Today,…
Read More Roadblocks to Physician Recruitment and Retention: Communication
Roadblocks to Physician Recruitment and Retention Part Two: Communication A recent Jackson Physician Search survey found that the pandemic has caused an increase in the number of doctors considering early retirement. This trend is expected to exacerbate the physician shortage that’s already placing a strain on the industry. In light of this, physician recruitment…
Read More Roadblocks to Physician Recruitment and Retention: Plan Design
Roadblocks to Physician Recruitment and Retention Part One: Plan Design For most healthcare organizations, physician recruitment and retention has never been more important or more challenging. Many don’t realize that they already have an excellent tool at their disposal: their non-qualified deferred compensation (NQDC) plans. These plans can distinguish hospitals and health systems in…
Read More Retention plans counteract troubling trends
Retention plans counteract troubling trends A recent Becker’s Hospital Review article outlined 5 compensation trends in healthcare, including the fact that the annual turnover rate in emergency, ICU, and nursing departments has increased during the pandemic, rising from 18% to 30%. Turnover is expensive, particularly when it comes to physicians. According to our clients,…
Read More The Anonymous Physician on the Physicians’ Advantage Plan
The Anonymous Physician: How they will use the Physicians’ Advantage Plan The Anonymous Physician column provides physicians with a platform to discuss the challenges and joys of practicing medicine. From time to time, we pose a question to a doctor, or a group of doctors, and post their answers anonymously, giving them the freedom to…
Read More Practice Transition Strategies: Planning ahead for inevitable change
Practice Transition Strategies: Planning ahead for inevitable change According to the 2021 Jackson Physician Search survey, 21% of physicians are considering early retirement. This trend is expected to exacerbate the physician shortage, which is an increasingly troubling issue for the industry. But what does it mean for individual organizations? How a practice weathers the…
Read More Rural Healthcare in America: Financial Viability
Rural Healthcare in America Courage in Healthcare · Rural Healthcare in America: Financial Viability Episode Three: Financial Viability In this series on rural health in America, we’re diving into the issues that are threatening access to care in some of our most medically underserved communities. Our third and final episode focuses on the…
Read More Rural Healthcare in America: Physician Shortages
Rural Healthcare in America Courage in Healthcare · Rural Healthcare in America: Physician Shortages Episode Two: Physician Shortages In this series on rural health in America, we’re diving into the issues that are threatening access to care in some of our most medically underserved communities. This episode focuses on the problem of physician…
Read More Rural Healthcare in America: Access to Care
Rural Healthcare in America Courage in Healthcare · Rural Healthcare in America: Access to Care Episode One: Access to Care This episode kicks off our new series on rural healthcare in America. Rural populations are often medically underserved, and the hospitals and health systems that serve them are struggling to survive. In this…
Read More The Anonymous Physician on Choosing Early Retirement
The Anonymous Physician: Early Retirement The Anonymous Physician column provides physicians with a platform to discuss pressing issues in healthcare. From time to time, we pose a question to a doctor, or a group of doctors, and post their answers anonymously, giving them the freedom to be frank and uninhibited. After all, we believe the…
Read More Don’t let payment reductions lead to a call pay crisis
Don’t let payment reductions lead to a call pay crisis The Centers for Medicare & Medicaid Services (CMS) has proposed a 3.75% cut to Medicare’s payment rates. Combined with other scheduled cuts, this would result in a 9.75% payment reduction in 2022. These cuts will decrease the value of physicians’ services and apply a downward…
Read More Retain employed physicians using the tools you already have
Retain employed physicians using the tools you already have A new report from the Physicians Advocacy Institute found that nearly 70% of all physicians are employed by hospitals or other corporate entities. This number surpasses previous estimates of 50%, demonstrating that the employment trend is still on the rise. But will hospitals be able…
Read More The Anonymous Administrator: Electronic Health Records
The Anonymous Administrator: Electronic Health Records In this column, we ask administrators about the most pressing issues in healthcare and share their insights anonymously, giving them the freedom to be frank and uninhibited. Oftentimes, we ask physicians similar questions, so if there’s a particular issue you’re interested in, jump over to The Anonymous…
Read More Using transparency to break the cycle of burnout
Using transparency to break the cycle of burnout Burnout is a well-documented problem among physicians. And as the way we work continues to change in pace with technology, its impact is being felt across all industries. In 2019, Amy Edmondson spoke with Dropbox’s Anthony Wing Kosner about her research on burnout. Her team, which…
Read More Physician recruitment in rural America: Is paying more a sustainable solution?
Physician recruitment in rural America: Is paying more a sustainable solution? According to the 2021 Medscape Physician Compensation Report, states where physicians are paid most tend to be more rural. The top three, for example, are Alabama, Kentucky, and Oklahoma. This is most likely a result of these states having to pay more to attract…
Read More The Anonymous Administrator: Identifying misconceptions that lead to distrust
The Anonymous Administrator : Identifying misconceptions that lead to distrust In our “Anonymous Physician” column, we ask physicians for their take on the most pressing issues in healthcare and share their insights anonymously, giving them the freedom to be frank and uninhibited. To truly understand the industry’s top issues, we knew we needed to…
Read More Physician compensation strategies for the latest employment trends
Physician compensation strategies for the latest employment trends A recent AMA report shows that the shift to physician employment has escalated since 2018. Today, 49% of physicians are in private practice compared to 54% in 2018. This is the greatest decrease in private practicing physicians AMA has reported since they started their survey in 2012.…
Read More The enduring rise of call pay doesn’t have to be a liability
The enduring rise of call pay doesn’t have to be a liability When MaxWorth first created the Call Pay Solution, on-call compensation was one of the most contentious topics in healthcare. At a time when more and more physicians were demanding to be paid for call, most administrators were reluctant to establish a call pay…
Read More The Anonymous Physician on Retention
The Anonymous Physician: Physician Retention The Anonymous Physician column provides physicians with a platform to discuss pressing issues in healthcare. From time to time, we pose a question to a doctor, or a group of doctors, and post their answers anonymously, giving them the freedom to be frank and uninhibited. After all, we believe the…
Read More Aligning executive compensation can aid in hospitals’ recovery
Aligning executive compensation can aid in hospitals’ recovery Healthcare organizations are looking to their boards to help guide them through the transition into a post-pandemic world. Becker’s recently highlighted the top five concerns healthcare boards have as they plan for recovery and a return to normal. One of them is making sure their compensation programs…
Read More Physician input leads to fairness
Physician input leads to fairness Hospitals often rely on Fair Market Value (FMV) surveys to help them determine how much to pay physicians for services like taking unassigned call. While these surveys are a good place to start, they’re also problematic. Most of the hospitals we visit would only be able to pay a few…
Read More Physician retention hinges on communication
Physician retention hinges on communication The rise in hospital employment, combined with physician shortages, has made physician recruitment more competitive than ever for hospitals. Many are struggling to find ways to distinguish themselves in a crowded and heavily regulated market. Given the amount of resources going toward recruitment, it came as a surprise when…
Read More Struggling healthcare organizations need sustainable solutions
Struggling healthcare organizations need sustainable solutions The economic impact of the pandemic has been hardest on hospitals in rural and underserved communities, many of which were already struggling to remain viable due to pre-pandemic financial strain. Mercy Hospital, the oldest in Chicago, announced this week that it has filed for bankruptcy. Mercy is…
Read More A practice transition strategy that safeguards autonomy
A practice transition strategy that safeguards autonomy The prevalence of mergers and acquisitions in the healthcare community is showing no signs of waning. The 2020 Kauffman Hall M&A report stressed the remarkable nature of the fact that M&A activity remained “within historic range” during the pandemic when healthcare organizations were focused on immediate pressures brought…
Read More The Anonymous Physician on Employment
The Anonymous Physician: Employment verses private practice To create a safe platform for physicians to discuss pressing issues in healthcare, we’re launching an Anonymous Physician column. From time to time, we’ll pose a question to a doctor, or a group of doctors, and post their answers anonymously, giving them the freedom to be frank and…
Read More Happy National Women Physicians Day
Happy National Women Physicians Day Today is the fourth National Women Physicians Day. The date of February 3rd was chosen in honor of Dr. Elizabeth Blackwell, who was born on this day in 1821. Dr. Blackwell was the first female doctor in the United States and was instrumental in the promotion of education for women…
Read More Healthcare executive retention plans can be justifiable and effective
Healthcare executive retention plans can be justifiable and effective Genesis HealthCare came under scrutiny this week when The Washington Post reported that its CEO retired just months after receiving a retention bonus of $5.3 million. At the time of the arrangement, the nursing home chain was already in financial crisis and facing a higher coronavirus…
Read More Hospital pay equity: it all comes down to fairness
Hospital pay equity: it all comes down to fairness Becker’s Hospital Review recently reported that a clinical psychologist has sued Northern Light Acadia Hospital in Bangor, Maine after learning that her salary was nearly half that of her male colleagues. While she was earning $50 an hour, the men were earning $90 or $95 an…
Read More Benefit offerings can help your practice safeguard its autonomy
Benefit offerings can help your practice safeguard its autonomy Many physicians enjoy the autonomy provided by private practices. A 2019 McKinsey survey reported that 79% of small independent practitioners and 67% of large independent practitioners cited autonomy as a major factor in their choice to remain self-employed at a time when physician employment is on…
Read More COVID exasperates the issue of physician burnout. To help your providers, start with a conversation
COVID exasperates the issue of physician burnout. To help your providers, start with a conversation. MaxWorth works with many hospitals and health care providers in rural communities. We’ve observed first hand the kind of stress these facilities face due to physician shortages. It’s not uncommon for physicians in these communities to be on call nearly…
Read More The cascading impact of call coverage disputes
The cascading impact of call coverage disputes In early September, Community Regional Medical Center in Fresno, CA was given 48 hours to resolve a contract dispute that had resulted in the loss of neurosurgery coverage in their emergency department. If they had failed to resume coverage, they would have lost their designation as a Level…
Read More Telemedicine’s impact on call pay
Telemedicine’s impact on call pay COVID has brought about the widespread adoption of telemedicine. This technology can be a lifeline, particularly for smaller and rural facilities. For example, KershawHealth in Camden, South Carolina has thrived since it implemented a sophisticated telehealth system after losing many of its specialists to bigger facilities. The hospital has relied…
Read More Perspectives on a Pandemic: Lessons learned from our podcast series
Perspectives on a Pandemic: Lessons learned from our podcast series Understanding COVID-19 has been a challenge, but at least one thing was immediately clear: its impact would be far reaching. Our podcast, Courage in Healthcare, recently launched a series called “Perspectives on a Pandemic.” We’ve spoken to physicians throughout the country about what they’ve learned…
Read More Perspectives on a Pandemic: Dr. Ben Fickenscher
Perspectives on a Pandemic: Dr. Ben Fickenscher By: Kyle Worthy Courage in Healthcare · Perspectives on a Pandemic: Dr. Ben Fickenscher The Pandemic’s Impact On The Opioid Crisis Covid-19 has altered our world in many ways. Members of the healthcare community have overcome unforeseen challenges and, in the process, they’ve learned a lot about what…
Read More Perspectives on a Pandemic: Drs. Arun and Barkha Chhabra
Perspectives on a Pandemic: Drs. Arun and Barkha Chhabra By: Kyle Worthy Courage in Healthcare · Perspectives on a Pandemic: Drs. Arun and Barkha Chhabra The Pandemic’s Impact On Physicians Covid-19 has altered our world in many ways. Members of the healthcare community have overcome unforeseen challenges and, in the process, they’ve learned a lot about…
Read More Perspectives on a Pandemic: Dr. Katherine Williams
Perspectives on a Pandemic: Dr. Katherine Williams By: Kyle Worthy Courage in Healthcare · Perspectives on a Pandemic Dr. Katherine Williams The Pandemic’s Impact Across Specialties Covid-19 has altered our world in many ways. Members of the healthcare community have overcome unforeseen challenges and, in the process, they’ve learned a lot about what it takes…
Read More Perspectives on a Pandemic: Dr. Victoria Rundus
Perspectives on a Pandemic: Dr. Victoria Rundus By: Kyle Worthy Courage in Healthcare · Perspectives on a Pandemic: Dr. Victoria Rundus The Pandemic’s Impact on our Youth Covid-19 has altered our world in many ways. Members of the healthcare community have overcome unforeseen challenges and, in the process, they’ve learned a lot about what it…
Read More Community Citizenry: Aligning compensation with healthcare’s new ideals
Community Citizenry: Aligning compensation with healthcare’s new ideals The Lown Institute, a nonpartisan think tank dedicated to the improvement of healthcare in America, has developed a new hospital ranking system. The result is a list that celebrates previously unsung heroes. Hospitals have long been ranked according to data collected from the HCAHPS survey,…
Read More Sustainable practice transition strategies could help alleviate burnout
Sustainable practice transition strategies could help alleviate burnout A recent study suggests that family practice physicians are especially at risk of experiencing physician burnout. Burnout is not only a mental health issue, it’s an economic one as well. Turnover and reduced clinical hours resulting from burnout costs an estimated $4.6 million a year in the…
Read More Overlooked opportunities to reduce practice expense
Overlooked opportunities to reduce practice expense While the full impact of the coronavirus on our healthcare system won’t be understood for quite some time, we are beginning to put together the pieces. It’s clear that independent practices were hit particularly hard. Practice revenue is down across the country, and as a result, many providers are…
Read More Covid-19 Shines Spotlight on CEO Pay
Covid Shines Spotlight on CEO Pay As the healthcare industry reels from the impact of Covid-19, many are searching for cracks in the system that need to be fixed if we’re going to be better prepared for pandemics in the future. One area that’s falling under scrutiny is our hospitals’ approach to CEO…
Read More Regaining stability after the storm
Regaining stability after the storm Like many businesses, hospitals are slowly beginning to find their footing. After months of uncertainty and fear, many are seeking to return to normal. But the experiences of the last few months will stay with us for sometime. Some clients have shared with us that revenue is down 50%…
Read More COVID-19 Update: Continuing to support our friends in healthcare
COVID-19 Update: Continuing to support our friends in healthcare In light of the ongoing coronavirus pandemic, we wanted to express our gratitude for our clients and friends in the healthcare community who are leading our nation through these uncertain times. We’ve always felt it was an honor to work with individuals who have dedicated their lives…
Read More Courage In Healthcare: Kevin Callanan
Courage in Healthcare: Kevin Callanan, CFRE By: Kyle Worthy Foundations: shaping healthcare in their communities and beyond During his 25-year fundraising career, Kevin Callanan has raised over $56 million for community hospitals and schools. His biggest project to date was the $10 million capital campaign that funded the creation of a state-of-the-art cancer center at…
Read More The impact of call coverage on a hospital’s reputation
The impact of call coverage on a hospital’s reputation Hospitals tell us that nearly 80 percent of their patients come through their emergency departments. That means that the majority of patients are directly affected by which service lines are available on call. Therefore, this availability (or lack thereof) has an impact on the community’s perception…
Read More Value-based care creates opportunities for alignment
Value-based care creates opportunities for alignment It’s no secret that incentivised compensation programs can enhance organizational alignment across many industries. But incentivisation is a complex issue in healthcare due to federal regulations put in place to prevent kickbacks. This complexity causes many hospitals to be wary of implementing any strategy that involves incentives. As a…
Read More Proposed legislation could impact physician compensation
Proposed legislation could impact physician compensation Most patients assume their care will be covered by insurance as long as they go to an in-network hospital. But this is not the case if they’re treated by an out-of-network physician. Patients in this situation can end up with surprise medical bills for tens of thousands of dollars. …
Read More Curbing ED costs could save rural hospitals
Curbing ED costs could save rural hospitals A recent study confirms that rural hospitals are threatened by significant financial instability. Out of the country’s 1,844 rural hospitals, 453 are vulnerable to closure. In fact, nearly 50% are operating in the red, and this number is steadily increasing, evidenced by the 39% that were operating in…
Read More Addressing physicians’ top employment concerns
Addressing physicians’ top employment concerns More physicians are considering employment than ever before, but many have concerns about the hospital-physician employment arrangement. Due to our current physician shortage, competition continues to rise among healthcare organizations for physician talent. Organizations have an opportunity to stand out from their competitors by addressing physicians’ top employment concerns: the…
Read More The Politics of Pay
The Politics of Pay Why nonprofit hospitals boards must be prepared to defend their executive compensation Competition for healthcare executive talent is on the rise. This is evidenced by reports that the average tenure of a hospital CEO is only 5.6 years and that 67% of executives who leave their organizations are recruited away by…
Read More Ambulance diversion and the struggle to secure 365 coverage
Ambulance diversion and the struggle to secure 365 coverage Last week, a bill was introduced in congress that would require hospitals to report instances of diversion. Failure to do so would result in funding cuts. Diversion is the practice of turning away ambulances when an emergency department is full. The practice has been around for…
Read More Healthcare leadership and the illusion of transparency
Healthcare leadership and the illusion of transparency As we discussed last week, physician burnout is a pressing issue in healthcare right now. Doctors have cited a lack of recognition and appreciation as a contributing factor to the growing problem. Having a strategy in place for demonstrating appreciation might be more important than many healthcare leaders…
Read More Call Pay: It’s not just about the money
Call Pay: It’s not just about the money Whenever we suggest that call pay isn’t really about the money, the idea is met with skepticism. This is understandable given that on the surface, the money matters quite a bit. Doctors are demanding to be paid more, and many have even refused to take call in…
Read More The hidden cost of executive turnover
The hidden cost of executive turnover Executive turnover, which has held steady at 18% for the past five years now, is taking a toll on healthcare organizations. From a financial perspective alone, turnover can be devastating. The replacement of a CEO, for example, can cost anywhere between four and eight times the CEO’s salary. And…
Read More Call Coverage and Physician Burnout
Call Coverage and Physician Burnout A recent survey found that physician burnout is as widespread as ever. 42% of respondents, who represented 29 different specialties, reported that they had experienced burnout. Office tasks, a lack of respect from administrators, and the reduction in reimbursement rates were cited as contributing factors to this problem. 50% of…
Read More Employment, alignment, and the surgical specialist
Employment, alignment, and the surgical specialist By: Kyle Worthy The rise in physician employment has been well documented. Now the trend is spreading to surgical specialists. Illustrating this shift, a recent survey found that employment has risen 25% among orthopedic surgeons in the past year. In the same survey, 48% of respondents stated they did…
Read More Courage In Healthcare: Dr. Grace Terrell
Courage in Healthcare: Dr. Grace Terrell By: Kyle Worthy A true pioneer in the transition to value-based care This week we speak with Dr. Grace Terrell. Dr. Terrell is a highly regarded internal medicine physician from High Point, NC. In addition to practicing medicine, she has also served as CEO for Envision Genomics, Inc and…
Read More Why Call Pay is still an issue at many healthcare organizations
Why call pay is still an issue at many healthcare organizations A few years ago, call pay was a hot topic in the healthcare community. Today, the issue has fallen off many people’s radar. Is this because the crisis was solved? Our observations suggest otherwise. Reimbursements in the fee-for-service model continue to decline for physicians,…
Read More Hire to retire: How an organizational goal can transform a culture
Hire to retire: How an organizational goal can transform a culture A hospital board member recently shared one of his organization’s top goals with us, stating, “We only want to hire executives who retire from here.” This is a striking goal for an organization in the healthcare industry given that the average tenure of a…
Read More The retirement bridge: access to the right tools can mean a lot to physicians
The retirement bridge: access to the right tools can mean a lot to physicians Due to regulations that limit the amount of money highly-compensated individuals can contribute to their qualified plans, it is difficult for physicians to replace their income after retirement. And the more money a physician earns, the harder it becomes. There…
Read More Communication strategies to improve benefit plan participation in 2020
Communication strategies to improve benefit plan participation in 2020 It’s re-enrollment season here at MaxWorth, which means we’re traveling throughout the country to help our plan participants make their 2020 elections. For the past thirteen years, we’ve worked exclusively with physicians and administrations on their benefit plans. During that time, we’ve seen the positive impact…
Read More Practice Executive Compensation: Strategies to improve attraction, performance, and loyalty
Practice Executive Compensation: Strategies to improve attraction, performance, and loyalty Medical practices are becoming larger and more competitive, and, like hospitals, they’re looking for creative and cost-effective strategies to help them achieve their organizational goals. Compensation is a great place to start. In fact, medical practice executive compensation is the fastest growing area of executive…
Read More Convenience Yields Success in Physician Benefit Plans
Convenience Yields Success in Physician Benefit Plans While visiting with physician participants last week in Southern California, I was reminded of the role that convenience plays in the success of benefit programs, particularly for physicians. Most professionals’ employer-sponsored retirement plan is their largest asset. While there are advantages to participating in retirement plans, this is…
Read More Courage In Healthcare: Dr. Paul Reiman
Courage in Healthcare: Dr. Paul Reiman By: Kyle Worthy A physician’s passion for motorsports inspires concussion research Making sports safer for athletes is one of today’s top issues in healthcare. There’s more awareness than ever before regarding the danger of concussions, but we still have a long way to go before we fully understand head trauma…
Read More Recruiting complexities require more tools for attraction and retention
Recruiting complexities require more tools for attraction and retention While meeting with a client in the rural Southwest, we discussed the challenges of recruiting and how the landscape of competition has changed for them in recent years. In order to acquire a new physician, the hospital now conducts a two-year global search. In years past,…
Read More The Four Components of Effective Physician Compensation Packages
The Four Components of Effective Physician Compensation Packages When it comes to employee compensation, we typically think in terms of salary and qualified retirement plans. These two components represent the guaranteed elements of an employee’s compensation package. They are essential and, more often than not, they are adequate for the majority of employees. But physicians…
Read More Three insights that will transform the way you work with physicians
Three insights that will transform the way you work with physicians As a part of our work designing and implementing call pay programs at healthcare organizations, we routinely facilitate Physicians’ Call Committee meetings. Over the past thirteen years, we’ve met with with over 4,000 doctors at hospitals of all sizes in every region of the…
Read More The rising cost of call pay can be unsustainable, even for large health systems
The rising cost of call pay can be unsustainable, even for large health systems The rising cost of call pay is well documented. According to a 2014 Sullivan Cotter survey, the average hospital’s call pay expense rose 50% from 2012-2014, and it has continued to rise in the years since. Many have turned to physician…
Read More Call Pay: An Unlikely Path to Financial Stability
Call Pay: An Unlikely Path to Financial Stability The traditional approach to call pay allows the expense to become an unpredictable liability. Since the passage of EMTALA, there has been a steady increase in physician demands for call compensation. Hospitals often feel they have no choice but to give in to these demands given their…
Read More Incentive pay on the rise for executives
Incentive Pay is on the rise for executives A recent B.E. Smith report on healthcare compensation illustrated a growing trend towards incentivized executive compensation. Now 57% of healthcare organizations have executive compensation programs that incorporate at-risk incentivized rewards, and over the past year, the percentage of healthcare executives who received incentivized pay increased 7%. …
Read More The uninsured rate has increased. What does this mean for our hospitals?
The uninsured rate has increased. What does this mean for our hospitals? By: Leah Worthy The annual U.S. Census Bureau report found that the number of Americans without insurance rose in 2018 for the first time in a decade, increasing by about two million people. It’s reported that a rise in uninsured Americans places increased…
Read More Ensuring the success of physician benefit plans
Ensuring the success of physician benefit plans A hospital’s HR department is inundated with benefit plans to administer for many types of employees. Benefit plans for physicians are particularly complex given that they are contingent upon a constantly changing body of law. They also require clear communication with busy physicians, some of whom are employees…
Read More Courage In Healthcare: Dr. Arun Adlakha, Part 2
Courage in Healthcare: Dr. Arun Adlakha, Part 2 By: Kyle Worthy The lasting impact of courage In this two-part episode, we speak with Dr. Arun Adlakha, a pulmonologist based in Charlotte, NC. In part one of this episode, we learned about the challenges the Adlakhas faced when they left their home in India to…
Read More New physicians are seeking employment, are your benefits aligned with this trend?
New physicians are seeking employment, are your benefits aligned with this trend? The 2019 Medscape Young Physician Compensation Report shows that the majority of new physicians prefer employment over private practice. In fact, another Medscape report showed that only 22% of residents were considering self-employment. This comes as no surprise given that more physicians…
Read More Courage In Healthcare: Dr. Arun Adlakha, Part 1
Courage in Healthcare: Dr. Arun Adlakha, Part 1 By: Kyle Worthy Committing to a calling in the face of adversity In this two-part episode, we speak with Dr. Arun Adlakha, a pulmonologist based in Charlotte, NC. Arun and his wife, Kiran, met as medical students at CMC Ludhiana in India. In 1987, with a baby…
Read More Strategic Executive Compensation in Medical Groups
Strategic Executive Compensation in Medical Groups By: Kyle Worthy As we’ve discussed in the past, dynamic hospital compensation programs can be the key to attracting and retaining top executive talent, which ultimately impacts the continuity of care in america. As we transition to new delivery models, there is a growing need to think strategically…
Read More 5 Principles of Call Pay: Sustainability
5 Principles of Call Pay: Sustainability By: Kyle Worthy Sustainability: building programs that support financial stability At MaxWorth, we believe that compensation is a powerful tool hospitals can use to achieve their highest goals of providing quality care, maintaining their financial wellness, and ensuring the continuity of care in America for generations to come.…
Read More 5 Principles of Call Pay: Transparency
5 Principles of Call Pay: Transparency By: Kyle Worthy Transparency: the key to a positive culture At MaxWorth, we believe that compensation is a powerful tool hospitals can use to achieve their highest goals of providing quality care, maintaining their financial wellness, and ensuring the continuity of care in America for generations to come.…
Read More Physician Attraction: A Matter of Life or Death
Physician Attraction: A Matter of Life or Death By: Kyle Worthy It’s no secret that physician recruitment is more competitive than ever and that rural hospitals are struggling the most. The inability to attract healthcare providers to remote areas impacts access to care in these communities and poses a threat to the survival of their…
Read More 5 Principles of Call Pay: Participation
5 Principles of Call Pay: Participation By: Kyle Worthy Participation: giving physicians a voice At MaxWorth, we believe that compensation is a powerful tool hospitals can use to achieve their highest goals of providing quality care, maintaining their financial wellness, and ensuring the continuity of care in America for generations to come. That’s why…
Read More Community Culture: A Top Physician Concern
Community Culture: A Top Chysician concern By: Leah Worthy A recent Jackson Physician Search survey polled rural physicians and administrators on the factors that influence recruitment. While both parties agreed that compensation is a top influencer, it was their differing opinions that revealed the more interesting insights. For example, administrators underestimated the importance of culture-related…
Read More 5 Principles of Call Pay: Inclusion
5 Principles of Call Pay: Inclusion By: Kyle Worthy Inclusion: considering every specialty in the decision-making process At MaxWorth, we believe that compensation is a powerful tool hospitals can use to achieve their highest goals of providing quality care, maintaining their financial wellness, and ensuring the continuity of care in America for generations to…
Read More Executive Turnover: It’s not all about the CEO
Executive Turnover: It’s not all about the CEO By: Leah Worthy Executive Turnover: It’s not all about the CEO Executive turnover is a hot topic in healthcare right now, but people tend to focus on CEO turnover alone. While the CEO position is vital, it’s also vital to keep an entire leadership team intact…
Read More 5 Principles of Call Pay: Fairness
5 Principles of Call Pay: Fairness By: Kyle Worthy Fairness: The cornerstone principle of our Call Pay Solution. At MaxWorth, we believe that compensation is a powerful tool hospitals can use to achieve their highest goals of providing quality care, maintaining their financial wellness, and ensuring the continuity of care in America for generations…
Read More The Future Medical Staff: How benefits can impact a hospital’s legacy
The Future Medical Staff: How benefits can impact a hospital’s legacy By: Kyle Worthy Hospitals are searching for ways to ease the financial pressures they’re facing, and most have found that cost-cutting efforts alone cannot adequately improve operating margins. A recent Modern Healthcare article reported that identifying new sources of revenue was an urgent priority…
Read More Podcast: Interview with Trisha Morrison
Podcast: Interview with Trisha Morrison Of The Pangburn Group By: Kyle Worthy A benefit plan administrator can be your secret weapon in engaging with physician employees. Due to the rise in physician employment, recruitment has never been more competitive. There’s a growing need for unique and impactful benefit programs that will attract and retain employed physicians. In…
Read More Building The Ideal Call Committee
Building The Ideal Call Committee By: Kyle Worthy A Physicians’ Call Committee can be a hospital’s inside track to success. The benefits of a committee extend beyond compensation. A committee can encourage physician alignment, enhance culture, and provide a platform for deeper engagement. But when a committee has not been structured properly, it tends to…
Read More Starting With Why: How your mission can clarify your compensation goals
Starting With Why: How your mission can clarify your compensation goals By: Kyle Worthy In 2009, Simon Sinek gave a TED talk on the power of starting with the question, “Why?” The talk went viral. Sinek went on to become a bestselling author and continues to speak on the topic all over the world. Today,…
Read More Rural Hospitals Can Survive in Today’s Competitive Environment
Rural Hospitals Can Survive in Today’s Competitive Environment By: Leah Worthy A recent article from Community Hospital Corporation shared five ways rural hospitals can beat the odds and survive in today’s competitive environment. The article highlights the importance of fostering a positive hospital culture, identifying areas needing improvement, comparing data to that of competitors, finding…
Read More Courage In Healthcare: Episode 1
Courage in Healthcare Episode 1: Dr. Tom Sonderman By: Kyle Worthy We are proud to announce the launch of our new podcast, Courage in Healthcare. In this series, we will speak with leaders in the healthcare community who have seen their organizations through trying times. In our first episode, we speak with Dr. Tom Sonderman of…
Read More Case Study: Hospital CEO finds solution to call budget unpredictability
Case Study: Hospital CEO finds solution to call budget unpredictability By: Kyle Worthy Summary: Predictability in budgeting is everything. But for many hospital administrators, the rising cost of call pay and the constant possibility that yet more specialty groups will come forward asking for call pay makes setting a budget extremely difficult. But Bill Caldwell,…
Read More Overcoming alignment issues at large urban medical centers
Overcoming alignment issues at large urban medical centers By: Kyle Worthy A few years ago, I was at a major urban medical center, preparing to start a meeting, when the system CMO arrived and introduced himself to every physician in attendance before taking his seat. It struck me how different the working relationships are at…
Read More Student loan forgiveness is a trending benefit. Can it apply to physician employees?
Student loan forgiveness is a trending benefit. Can it apply to physician employees? By: Leah Worthy A recent Willis Towers Watson survey showed that more employers are adding student loan forgiveness to their benefit packages. Given that the average medical school debt exceeds the average undergraduate debt by over $160,000, it would be a significant…
Read More Introducing: Courage in Healthcare Podcast
Introducing: Courage in Healthcare Podcast By: Kyle Wrothy A new podcast series inspired by the courageous stories we have encountered while working with healthcare leaders. We are proud to announce the launch of our new podcast, Courage in Healthcare. In this series, we will speak with leaders in the healthcare community who have seen their…
Read More Compensation programs in the age of uncertainty
Compensation programs in the age of uncertainty By: Kyle Worthy As we met with physicians over the past few weeks, we noticed that many of them had a common concern: what will happen to their call pay plan if… There is a multitude of uncertainties in healthcare today as more and more hospitals consolidate to…
Read More Legacy Makers
Legacy Makers By: Kyle Worthy On a recent visit to a hospital client, I was having coffee in the atrium between meetings, watching as new banners went up on the walls. These banners celebrated a milestone: the hospital’s 75th year of service to its community. This made me think about how the decisions being made…
Read More Rural hospitals pay the most for physicians. It’s time for smarter rewards
Rural hospitals pay the most for physicians. It’s time for smarter rewards By: Leah Worthy Becker’s Hospital Review recently published a list of states with the highest average compensation rates for physicians and surgeons. Six of the top ten states on this list have populations under two million. This tells us that, under the pressure…
Read More Phantom Stock: A unique tool for compensating hospital executives
Phantom Stock: A unique tool for compensating hospital executives By: Steve Worthy A Phantom Stock Plan is a unique nonqualified deferred compensation plan designed to provide a mid to long-term incentive for key executives. The term “phantom stock” means that although potential value (similar to equity) may be transferred to employees, there is no actual…
Read More Securing Call Coverage: Is employment the answer?
Securing Call Coverage: Is employment the answer? By: Kyle Worthy When determining the fair market value of on-call compensation rates, the latest Sullivan Cotter survey is the most frequently used resource. At MaxWorth, we don’t believe survey results should be the sole factor in the decision-making process. Surveys are often flawed, and their rates are…
Read More Creating a call committee built to last
Creating a call committee built to last By: Kyle Worthy As call pay continues to be a top concern in healthcare, hospitals are discovering the importance of having a process in place for determining and documenting on call compensation rates. At a recent seminar, the health law experts at Horty Springer discussed the benefits of…
Read More Hospital Executive Compensation: Remain Competitive While Controlling Cost
Hospital Executive Compensation: remain competitive while containing cost By: Kyle Worthy Healthcare organizations have been searching for ways to contain cost, so it was only a matter of time before their efforts began to affect executive compensation. A 2018 Sullivan Cotter survey illustrated this budding trend in healthcare. According to the survey, the average salary…
Read More 5 Keys to Call Pay
5 Keys To Building A Better Call Pay Program By: Kyle Worthy During his time as Medical Staff President at Winchester Medical Center, Dr. Tom Oliver helped his organization successfully navigate a variety of challenges, but none would test his leadership skills more than an on-call compensation crisis. The hospital was on the brink of…
Read More Retaining Hospital Executives with Better Rewards
Retaining Hospital Executives with Better Rewards By: Steve Worthy Motivated by the success of our Physicians’ Advantage Plans, our clients recently began asking us to design a similar plan for executives. In today’s environment, it’s only natural for hospitals to seek better ways to reward their leadership. Hospitals are competing with one another for…
Read More Transparency in call pay: Can it cure medical staff division?
Transparency in call pay: Can it cure medical staff division? By: Kyle Worthy When call pay is creating division in a medical staff, it’s often because of the way contracts are negotiated. The most common approach is to negotiate with one specialty at a time behind closed doors. The lack of transparency in this approach…
Read More The happiness advantage in hospital culture
The happiness advantage in hospital culture By: Leah Worthy Researcher and bestselling author Shawn Achor has traveled to 48 countries and has worked with over a third of the Fortune 100, spreading a message that may be surprising to some, both in its simplicity and its impact: Positivity leads to success. In a Harvard Business…
Read More Sustainability of Call Pay: Transforming a liability into a sustainable reward
Sustainable Call Pay: Transforming a liability into a sustainable reward By: Kyle Worthy In an environment where physician spend is escalating at an unsustainable rate as the physician shortage continues to grow, it has never been more important to find ways to contain cost without compromising physician benefits. This is exactly what our Call Pay…
Read More Making the Most of Medical Directorships
Making the Most of Medical Directorships Medical directorships serve an important role in the operation of healthcare organizations. Therefore, it’s likely that directorship pay will continue to be a part of many physicians’ compensation package. Lately, there has been an increase in scrutiny placed on directorship arrangements and ensuring their compliance with the Anti-Kickback Statute…
Read More Case Study: Maury Regional Call Pay Plan
Case Study: Maury Regional Call Pay Plan By: Kyle Worthy Summary: When a group of surgeons from several specialties approached Maury Regional Health about adding call pay to their compensation package, hospital administrators knew they were in for a challenge. This was nearly a decade ago, and at the time, the rural Tennessee hospital wasn’t…
Read More Repurposing Physician Compensation into a Retirement Benefit
Repurposing Physician Compensation into a Retirement Benefit By: Steve Worthy A physician’s compensation package rarely accounts for the fact that doctors have different retirement needs than other professionals. Traditional retirement plans are effective for creating substantial retirement income for employees in most industries, but even if a physician maximizes their qualified plan contributions during their…
Read More Podcast: Interview with Jim Dowdell
Podcast: Interview with Jim Dowdell of Engage Practice Solutions By: Kyle Worthy As the founder of Engage Practice Solutions, Jim Dowdell is transforming the way hospitals use data to maximize revenue. As physician employment becomes more widespread, healthcare organizations are searching for ways to ensure the sustainability of these arrangements. Engage Practice Solutions is…
Read More Achieving Medical Staff Alignment
Achieving Medical Staff Alignment By: Kyle Worthy Getting a hospital’s entire medical staff on the same page is no easy task. With so many competing interests, sometimes it seems like providing great patient care is the only thing everyone can agree on. Financial matters can make achieving alignment even more difficult, particularly when it comes…
Read More Process Makes Perfect: A Look Back at Horty Springer’s Physician-Hospital Contracts Clinic
Process Makes Perfect: A look back on Horty Springer’s Physician-Hospital Contracts Clinic By: Kyle Worthy Horty Springer seminars are always held at top travel destinations across the country, and they often coordinate with local events. Last week in New Orleans, seminar attendees had the opportunity to experience French Quarter Fest, which was packed with great…
Read More What’s So Fair About Fair Market Value?
What’s So Fair About Fair Market Value? By: Steve Worthy, Managing Partner When negotiating on-call compensation rates, it’s necessary to have access to reliable compensation benchmark data. Fair Market Value surveys are the most universally used benchmark resources in the industry. These surveys, however, are flawed. Oftentimes, they do not have enough records to amount…
Read More The Call Pay Crisis: An ounce of prevention is worth a pound of cure
The Call Pay Crisis: An Ounce of Prevention is Worth a Pound of Cure By: Steve Worthy, Managing Partner In 2005, Dr. Tom Oliver was serving as president of medical staff at Winchester Medical Center in Virginia. On the most memorable day of his tenure, a surgical specialty made an announcement. After a certain date, they…
Read More Hospital call pay: Turning a burden into a benefit
Hospital call pay: Turning a burden into a benefit By: Kyle Worthy, Senior Consultant Hospitals are struggling to survive. Financial challenges from shrinking reimbursements and skyrocketing expenses have pushed many facilities to the brink. The problem is especially dire in rural communities, where 5 percent of hospitals have closed since 2010, and another 21 percent…
Read More Call Pay Calculator®: A More Reliable Resource for Call Pay Data
Call Pay Calculator®: A More Reliable Resource for Call Pay Data By: Kyle Worthy, Senior Consultant When creating on-call compensation agreements, having reliable compensation benchmarks is essential, especially given the regulatory requirement that hospital-physician financial relationships must reflect the fair market value of the physician’s services. Commercially available survey data is helpful as a…
Read More Introducing: Physician Employment Strategies Series
Introducing: Physician Employment Strategies Series By: Kyle Worthy For the first time in history, there are more physicians employed by hospitals than by private practices. This cultural shift, combined with a growing physician shortage, has made hospitals’ recruiting and retention more challenging than ever. Attempts to attract and retain top physician talent can be expensive…
Read More Excise Tax and Non-Profit Healthcare Organizations
Excise Tax: Impact On Tax-Exempt Heathcare Organizations By: Kyle Worthy A 2018 change in tax law will have a major impact on compensation for non-profit hospitals and healthcare systems. To learn more about the tax reform, we turned to Dan Mulholland and Henry Casale, partners at HortySpringer. HortySpringer is a healthcare law firm based in…
Read More Physician Employment LIVE: Tools to Attract, Retain, and Reward
Physician Employment LIVE: Strategic Tools to Attract, Retain, and Reward By: Kyle Worthy, Senior Consultant During the American Association of Physician Leadership’s Winter Institute in Orlando, MaxWorth presented a bonus session on how organizations can use compensation as a strategic tool to enhance their employment strategies. Register to hear the presentation, recorded live in January…
Read More Podcast: Interview with Dr. Peter Angood
Podcast: Interview with Dr. Peter Angood By: Kyle Worthy As the CEO of The Association for Physician Leadership, Dr. Peter Angood is trying to start a social movement. Every physician is viewed as a leader in his or her community. But not every physician has had the opportunity to acquire the skill set needed…
Read More Impact of Call on a Physician’s Family: Rewriting the Narrative
The Impact of Call on a Physician’s Family: Rewriting the Narrative By: Steve Worthy, Managing Partner Taking two cars to the soccer game. Not being able to have a glass of wine at dinner. A holiday interrupted. There’s no doubt that the burden of call is shared by the families of physicians. But what about…
Read More Podcast: Interview with Dr. Paul Reiman
Podcast: Interview with Dr. Paul Reiman By: Kyle Worthy With fairness and transparency as his top priorities, one orthopedist is leading the way to higher ground. This week, we speak with Dr. Paul Reiman, an orthopedic surgeon from Southern California. When Dr. Reiman isn’t riding motocross, he’s working to solve some of healthcare’s most challenging…
Read More Webinar: 5 Leadership Principles of Call Compensation
Webinar Registration: 5 Leadership Principles of On-Call Compensation By: Kyle Worthy, Senior Consultant On-Demand Webinar Summary: When properly structured, call-pay arrangements can be a useful way to meet EMTALA obligations and further a hospital’s integration strategy. But when call-pay arrangements evolve from single-specialty negotiations they can turn into divisive, legal, financial and operational nightmares. In…
Read More Podcast: Interview with Dr. Tom Oliver
Podcast: Interview with Dr. Tom Oliver By: Kyle Worthy Episode Description During his time as president of the medical staff at Winchester Medical Center, Dr. Tom Oliver helped his organization successfully navigate a variety of challenges. But none would test his leadership skills more than an on-call compensation crisis. In this episode we talk with…
Read More Webinar: Physician Leaders and The Dynamics of Cultural Change
Webinar Registration: Physician Leaders and The Dynamics of Culture Change By: Kyle Worthy, Senior Consultant On-Demand Webinar Summary: As physician leaders, you have an opportunity to influence change that can revolutionize the culture of your organization. Most organizational cultures unintentionally evolve over time. When change is necessary, it is viewed with skepticism. Those potentially impacted are…
Read More MaxWorth TV: An Interview with Dr. Tom Oliver
MaxWorth TV: An Interview With Dr. Tom Oliver of Winchester Medical Center By: Kyle Worthy, Senior Consultant Winchester Medical Center is a 445 bed hospital located in Winchester, VA. In 2006 it became the first hospital to adopt MaxWorth’s Call Pay Solution®. As Chief of Staff at the time, Dr. Tom Oliver played an important role…
Read More Maxworth TV: An Interview with Dan Mulholland and Henry Casale
MaxWorth TV: An Interview with Dan Mulholland and Henry Casale of Horty Springer By: Kyle Worthy While attending the Hospital-Physician Contracts: Survival Strategies seminar in Las Vegas, we had the opportunity to talk with attorneys Dan Mulholland and Henry Casale of Horty, Springer & Mattern to discuss the changes they have seen in call pay…
Read More MaxWorth TV: An Interview with Dr. Paul Reiman
MaxWorth TV: An Interview with Dr. Paul Reiman of LLUMC-Murrieta By: Kyle Worthy, Senior Consultant Dr. Paul Reiman is the call committee chairman at Loma Linda University Medical Center – Murrieta in Murrieta, CA. During our last visit, we sat down with Dr. Reiman to discuss his experiences with MaxWorth’s Call Pay Solution® The opinions expressed…
Read More MaxWorth TV: An Interview with With Dr. Tom Sonderman
MaxWorth TV: Interview with Dr. Tom Sonderman By: Kyle Worthy, Senior Consultant Columbus Regional Hospital is a 225-bed facility providing emergency and surgical services in Columbus, IN. Columbus Regional is nationally recognized for quality patient care, winning the American Hospital Association’s Quest for Quality Prize, the highest quality honor awarded by the hospital industry. Other recognitions…
Read More Collaborating For A Brighter Future
Collaborating For A Brighter Future By: Steve Worthy, Managing Partner Atul Gawande is an authority on the complex issues facing today’s physicians. Dr. Gawande is a MacArthur Fellow, a general and endocrine surgeon at the Brigham and Women’s Hospital in Boston, a staff writer for The New Yorker, and an associate professor at Harvard Medical…
Read More Maxworth TV: An Interview with Randy Arnett
MaxWorth TV: An Interview with Randy Arnett By: Kyle Worthy Southern Ohio Medical Center (SOMC) is a 222-bed 501(C)(3) not-for-profit hospital in Portsmouth, Ohio, providing emergency and surgical care, as well as a wide range of other health-care services; SOMC has been in the community since 1954. It is the mission of SOMC to truly…
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