Ensuring the success of physician benefit plans

Ensuring the success of physician benefit plans

Professional Male doctor in white coat shaking hand with female patient after successful recommend treatment methods, Medicine and health care concept.

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. 

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
Something went wrong. Please check your entries and try again.

Want to Learn 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…

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…

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…

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,…