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 gain the advantages of scale. Doctors have grown accustomed to change, and they’ve grown accustomed to decreasing reimbursements, so it comes as no surprise that the stability of any compensation program is one of their top concerns. Physicians all over the country are wondering: What if their hospital is bought; what if it undergoes a merger; what if it simply decides to end its call compensation program?
Designing for reliability
The good news is, while it’s impossible to predict the future, there are ways to design compensation plans that eliminate a number of these uncertainties. For example, our Call Pay Solution is highly customizable, which allows hospitals to give physicians peace of mind by designing plans that will trigger distributions when and if there is a change in leadership, ownership, or simply a change of heart. This customization does not end with call pay programs. Any hospital-physician compensation arrangement can incorporate these features for an added sense of reliability.
Expense recovery improves sustainability
We’ve designed our programs to provide administrations with a little peace of mind as well. As one of its biggest expenditures, compensation can either support or threaten a hospital’s financial wellness. Through funding design, our compensation programs allow hospitals to recoup a portion of their expenses, making compensation more sustainable for the future.
In today’s ever-changing healthcare environment, it’s important to seek out opportunities to increase stability. Compensation is a great place to start. That’s why we believe in creating compensation programs that can withstand change and help support the long-term financial viability of hospitals.
REQUEST OUR WHITE PAPER
Complete the form below and receive a copy of our latest white paper, The Call Pay Solution: Stabilizing budgets with a fair and sustainable approac
Want to Learn More?
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…
Nursing benefits and the power of appreciation The US Bureau of Labor Statistics estimates that 275,000 additional nurses are needed in the workforce. This shortage will likely be exacerbated in the coming years given that one million registered nurses are expected to retire by 2030. Indispensable but undervalued Part of the problem lies…
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…
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,…