Overlooked opportunities to reduce practice expense

Overlooked opportunities to reduce practice expense

AdobeStock_335858033 [Converted]

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 country, and as a result, many providers are seeking ways to reduce cost. 

 

A recent  Medical Economics article outlined 10 ways to reduce operating expenses. The list is helpful, but it does not include one commonly overlooked area: practice benefits. 

 

Most independent practices aren’t in the habit of reviewing their compensation and benefit offerings once they’ve been established. But doing so could uncover hidden opportunities for cost control. 

 

Through our independent partner network, MaxWorth can assist practices with an analysis of their current offerings to make sure they support the organization's most pressing needs. 

 

We believe that compensation and benefits should be aligned with organizational goals. When properly designed, the structure of your benefits could help ensure the longevity of your organization.  

 

SIGN UP FOR OUR NEWSLETTER

If you would like to receive industry updates and articles like the one you see here, complete the form below

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

Want to Learn More?

Roadblocks to Physician Recruitment and Retention: Financing

Roadblocks to Physician Recruitment and Retention Part Three: Financing Non-qualified deferred compensation (NQDC) plans can help hospitals and health systems recruit and retain physicians.    Unfortunately, most healthcare organizations do not fully utilize this tool. In previous posts, we talked about how a lack of thoughtful design and communication can…

Roadblocks to Physician Recruitment and Retention: Communication

Roadblocks to Physician Recruitment and Retention Part Two: Communication A recent Jackson Physician Search survey found that the pandemic has caused an increase in the number of doctors considering early retirement. This trend is expected to exacerbate the physician shortage that’s already placing a strain on the industry.   In…

Roadblocks to Physician Recruitment and Retention: Plan Design

Roadblocks to Physician Recruitment and Retention Part One: Plan Design For most healthcare organizations, physician recruitment and retention has never been more important or more challenging. Many don’t realize that they already have an excellent tool at their disposal: their non-qualified deferred compensation (NQDC) plans.   These plans can distinguish…

Retention plans counteract troubling trends

Retention plans counteract troubling trends A recent Becker’s Hospital Review article outlined 5 compensation trends in healthcare, including the fact that the annual turnover rate in emergency, ICU, and nursing departments has increased during the pandemic, rising from 18% to 30%.    Turnover is expensive, particularly when it comes to…