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 of the hospital and some of whom are independent contractors. Due to their complexities and the level of communication they require, these plans are uniquely challenging to administer.
A hospital’s secret weapon
But it’s important that they’re given the attention they deserve. When administered properly, physician benefit plans can be a hospital’s secret weapon. They can enhance alignment, recruitment, and retention and even improve productivity. They represent the hospital’s investment in the future of its medical staff, hospital, and the continuity of care in its community.
Maximizing the advantages of benefit plans
A hospital can only maximize the advantages of having these plans if they are well-communicated, properly handled, and treated as a top priority. We’ve found that having a team in place, one that includes a hospital’s HR department, a third-party administrator, and a group of financial professionals, is the best way to accomplish this.
Having the right team is key
With over thirteen years of experience working with healthcare professionals, MaxWorth is uniquely positioned to communicate effectively with physicians, even at hospitals with mixed medical staffs. And through our strategic partner network, we are able to make sure that any changes in healthcare law or employee benefit law are properly accounted for in a timely fashion. We also work closely with the Pangburn Group, a third-party administrator that specializes in non-qualified deferred compensation plans.
Having a team like this in place relieves HR’s burden. In turn, a hospital will feel more confident in offering additional rewards, knowing that doing so will not add more stress on its HR department.
We believe that the on-going support of our plans is just as important as their design and implementation. We’re dedicated to providing our clients with unparalleled service because we understand that a successful compensation program can be the springboard for a hospital’s long-term success.
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