Practice Executive Compensation: Strategies to improve attraction, performance, and loyalty
Medical practices are becoming larger and more competitive, and, like hospitals, they’re looking for creative and cost-effective strategies to help them achieve their organizational goals.
Compensation is a great place to start. In fact, medical practice executive compensation is the fastest growing area of executive compensation in healthcare. When designing compensation packages for executives, traditional elements like salary and qualified plans remain essential, but they are no longer sufficient. These days, practice groups are relying on their compensation to help them improve executive attraction, performance, and loyalty.
It’s important for an organization to identify its top priorities so its compensation can be designed accordingly. By using a combination of short-term, long-term, guaranteed, and at risk elements, an organization can create a balanced rewards suite. A balanced rewards suite offers more meaningful rewards, and it can aid in the improvement of those frequently targeted areas.
Attraction: To improve attraction, you can rely more heavily on short-term, guaranteed rewards.
Performance: If performance is a top priority, at-risk rewards can be tied to quality metrics. When an executive is rewarded for their performance, they will feel appreciated, which often leads to a deeper level of engagement.
Loyalty: Using at risk, long-term rewards will help a practice retain its executive leadership.
When designed properly, a balanced rewards suite can even help a practice recoup a portion of its compensation expenditure. This ensures that their compensation will be sustainable in the long run, making it easier to offer the kind of rewards that will help them remain competitive in the race for executive talent.
REQUEST OUR WHITE PAPER:
Complete the form below and receive a copy of our latest white paper: Rewarding Excellent Administrators
Want to Learn More?
COVID exasperates the issue of physician burnout. To help your providers, start with a conversation. MaxWorth works with many hospitals and health care providers in rural communities. We’ve observed first hand the kind of stress these facilities face due to physician shortages. It’s not uncommon for physicians in these communities…
The cascading impact of call coverage disputes By: Kyle Worthy In early September, Community Regional Medical Center in Fresno, CA was given 48 hours to resolve a contract dispute that had resulted in the loss of neurosurgery coverage in their emergency department. If they had failed to resume coverage, they…
Telemedicine’s impact on call pay By: Kyle Worthy COVID has brought about the widespread adoption of telemedicine. This technology can be a lifeline, particularly for smaller and rural facilities. For example, KershawHealth in Camden, South Carolina has thrived since it implemented a sophisticated telehealth system after losing many of its…
Perspectives on a Pandemic: Lessons learned from our podcast series By: Kyle Worthy Understanding COVID-19 has been a challenge, but at least one thing was immediately clear: its impact would be far reaching. Our podcast, Courage in Healthcare, recently launched a series called “Perspectives on a Pandemic.” We’ve spoken to…