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 most likely because of their convenience. Since physicians lead such busy lives, the convenience of their plans is particularly important. That’s why we’ve made convenience a top priority when designing our physician compensation programs.
Here are three ways you can make your benefit plans more convenient for physicians:
The “set it and forget it” feature allows participants to make their decisions annually and then automatically participant throughout the year. The complexities of physician contracts can make this more difficult than it seems. With our Physicians’ Advantage Plan (PAP), we work with hospital contracts and finance to build a seamless participation process for our participants. We involve all key stakeholders early in the process, making it as turnkey as possible.
A benefit plan administrator can be your secret weapon in engaging with physician employees and making sure their benefit programs are well communicated and properly administered. But not all plan administrators understand the uniqueness of physician employment. Choosing the wrong partner can have an adverse effect on physician relationships. That’s why we’ve teamed up with a third-party administrator that has extensive experience working with physicians and healthcare systems.
Online account access is now a must for almost any benefit plan. With the help of our administration platform partner, we continue to improve the online accessibility of our PAP, and we’re currently rolling out electronic forms. These features will make it easier for physicians to actively participate in their plans without viewing it as something they simply don’t have time for.
When designing physician benefit programs, it’s important to keep the lifestyle of your participants in mind. Since physicians’ time is limited, using these strategies will help ensure that they are able to fully engage with the benefit programs you are providing. When physicians understand their benefit programs and are actively engaged with them, the programs will be more successful for all parties.
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 approach
Want to Learn More?
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…
The impact of call coverage on a hospital’s reputation By: Kyle Worthy 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…
Value-based care creates opportunities for alignment By: Kyle Worthy 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…
Proposed legislation could impact physician compensation By: Kyle Worthy 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…