Incentive pay on the rise for executives

Incentive Pay is on the rise for executives

AdobeStock_285502263 [Converted]

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%.

 

Two objectives

 

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

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

Want to Learn More?

Physician Employment LIVE: Tools to Attract, Retain, and Reward

Physician Employment LIVE: Strategic Tools to Attract, Retain, and Reward By: Kyle Worthy, Senior Consultant During the American Association of Physician Leadership’s Winter Institute in Orlando, MaxWorth presented a bonus session on how organizations can use compensation as a strategic tool to enhance their employment strategies. Register to hear the…

Podcast: Interview with Dr. Peter Angood

Podcast: Interview with Dr. Peter Angood By: Kyle Worthy As the CEO of The Association for Physician Leadership, Dr. Peter Angood is trying to start a social movement.   Every physician is viewed as a leader in his or her community. But not every physician has had the opportunity to…

Impact of Call on a Physician’s Family: Rewriting the Narrative

The Impact of Call on a Physician’s Family: Rewriting the Narrative By: Steve Worthy, Managing Partner Taking two cars to the soccer game. Not being able to have a glass of wine at dinner. A holiday interrupted. There’s no doubt that the burden of call is shared by the families…

Podcast: Interview with Dr. Paul Reiman

Podcast: Interview with Dr. Paul Reiman By: Kyle Worthy With fairness and transparency as his top priorities, one orthopedist is leading the way to higher ground.   This week, we speak with Dr. Paul Reiman, an orthopedic surgeon from Southern California. When Dr. Reiman isn’t riding motocross, he’s working to solve…