Incentive Pay is on the rise for executives
By: Leah Worthy
A recent B.E. Smith report on healthcare compensation illustrated a growing trend towards incentivized executive compensation. Now 57% of healthcare organizations have executive compensation programs that incorporate at-risk incentivized rewards, and over the past year, the percentage of healthcare executives who received incentivized pay increased 7%.
These incentives are typically aimed at two objectives: the transition to value-based care and the improvement of operating margins. Most incentivized programs target both of these objectives, but place more emphasis on the transition to value-based care.
One size doesn’t fit all
As incentivized programs become more common, it’s important to remember that every healthcare organization is unique. When it comes to compensation, what works at one facility doesn’t necessarily work at another. In order to maximize the benefits of having an incentivized rewards program, you need to build a strategy around the unique needs of your organization.
A customizable solution
Our Healthcare Executive Advantage Plan was designed to be customizable, allowing organizations to reward what matters most to them at the time while keeping an eye on the future. Through our strategic partner network, our clients have access to tools that analyze revenue by provider and compare provider productivity relative to patient complexity. This makes it possible for them to reward things like productivity and quality in a meaningful way.
When healthcare organizations make the most of their at-risk incentives, their compensation program becomes a powerful tool. It can help improve productivity, performance, patient satisfaction, and cash flow, putting a facility in a position to achieve its highest goals.
REQUEST OUR WHITE PAPER:
Complete the form below and receive a copy of our latest white paper: Rewarding Excellent Administrators
Want to Learn More?
Sustainable practice transition strategies could help alleviate burnout By: Kyle Worthy A recent study suggests that family practice physicians are especially at risk of experiencing physician burnout. Burnout is not only a mental health issue, it’s an economic one as well. Turnover and reduced clinical hours resulting from burnout costs…
Overlooked opportunities to reduce practice expense By: Kyle Worthy While the full impact of the coronavirus on our healthcare system won’t be understood for quite some time, we are beginning to put together the pieces. It’s clear that independent practices were hit particularly hard. Practice revenue is down across the…
Covid Shines Spotlight on CEO Pay By: Kyle Worthy As the healthcare industry reels from the impact of Covid-19, many are searching for cracks in the system that need to be fixed if we’re going to be better prepared for pandemics in the future. Scrutiny on CEO pay …
Regaining stability after the storm By: Kyle Worthy Like many businesses, hospitals are slowly beginning to find their footing. After months of uncertainty and fear, many are seeking to return to normal. But the experiences of the last few months will stay with us for sometime. Some clients have…