Skip to content

Practice Executive Compensation: Strategies to improve attraction, performance, and loyalty

Practice Executive Compensation: Strategies to improve attraction, performance, and loyalty

Business people working together, finding better solution, making profit

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: Increasing Hospital Profitability
Something went wrong. Please check your entries and try again.

Want to Learn More?

The retirement bridge: access to the right tools can mean a lot to physicians

The retirement bridge: access to the right tools can mean a lot to physicians By: Kyle Worthy You just can’t get there from here   Due to regulations that limit the amount of money highly-compensated individuals can contribute to their qualified plans, it is difficult  for physicians to replace their…

Communication strategies to improve benefit plan participation in 2020

Communication strategies to improve benefit plan participation in 2020 By: Kyle Worthy It’s re-enrollment season here at MaxWorth, which means we’re traveling throughout the country to help our plan participants make their 2020 elections. For the past thirteen years, we’ve worked exclusively with physicians and administrations on their benefit plans.…

Convenience Yields Success in Physician Benefit Plans

Convenience Yields Success in Physician Benefit Plans By: Kyle Worthy While visiting with physician participants last week in Southern California, I was reminded of the role that convenience plays in the success of benefit programs, particularly for physicians. Most professionals’ employer-sponsored retirement plan is their largest asset. While there are…

Courage In Healthcare: Dr. Paul Reiman

Courage in Healthcare: Dr. Paul Reiman By: Kyle Worthy A physician’s passion for motorsports inspires concussion research    Making sports safer for athletes is one of today’s top issues in healthcare. There’s more awareness than ever before regarding the danger of concussions, but we still have a long way to go before…

maxworth_logo

Compensation Strategies to Attract, Retain and Reward Your Physician Talent.

OUR OFFICE

Charlotte, NC

877-643-7520

800-314-8281

info@maxworthconsulting.com

Office Hours:
M-F 8:00am – 5:00pm EST

Charlotte, NC
P:  877-643-7520
F:  800-314-8281
info@maxworthconsulting.com
M-F: 8AM - 5PM

Scroll To Top