Convenience Yields Success in Physician Benefit Plans
Convenience Yields Success in Physician Benefit Plans
![AdobeStock_273639858 [Converted] AdobeStock_273639858 [Converted]](https://maxworthconsulting.com/wp-content/uploads/bb-plugin/cache/AdobeStock_273639858-Converted-1024x769-landscape.png)
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:
Automatic Contributions
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.
Plan Administration
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.
Access
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?
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…
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…
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…
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…