Incentive Pay is on the rise for executives
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?
The fairness factor: How to avoid agitation around nurse pay MaxWorth got its start designing healthcare compensation strategies nearly two decades ago when call pay was one of the most contentious topics in the industry. We quickly learned that a perceived lack of fairness was at the heart of nearly…
Balancing penalties and rewards in benefits for health care providers NBC News recently reported that it’s becoming common for hospitals to require nurses to pay back the cost of their training if they choose to leave or are fired within a certain amount of time. These costs can amount up…
Hidden opportunities to reduce healthcare labor cost In January, KaufmanHall reported that 2022 was the worst financial year for hospitals and health systems since the start of the COVID-19 pandemic. December saw an increase in provider productivity, but it simply wasn’t enough to outweigh cost increases. Expenses likely to…
Benefits for an aging physician population The AAMC’s 2022 Physician Specialty Data Report found that nearly half of physicians currently practicing are aged 55 or older. An aging physician population places pressure on recruitment and retention in many ways. Healthcare leaders might be asking themselves: Are young people encouraged to…