Starting With Why: How your mission can clarify your compensation goals

Starting With Why: How your mission can clarify your compensation goals

By: Kyle Worthy

AdobeStock_63765021 [Converted]

In 2009, Simon Sinek gave a TED talk on the power of starting with the question, “Why?” The talk went viral. Sinek went on to become a bestselling author and continues to speak on the topic all over the world. Today, his TED talk has been viewed nearly 45 million times. 

 

In Start with Why: How Great Leaders Inspire Everyone to Take Action, Sinek writes, “People don't buy what you do; they buy why you do it. And what you do simply proves what you believe.” 

 

A common purpose

 

How can Sinek’s ideas be applied to healthcare compensation? Once it has been identified, an organization’s Why can become the driving force in decision-making and unite all stakeholders around a common purpose. At MaxWorth, we believe that starting with Why can help hospitals clarify their goals and ensure that their compensation programs are serving them. 

 

MaxWorth’s Why

 

Since deciding to focus solely on healthcare compensation in 2006, MaxWorth’s purpose has been to empower hospitals to ensure the continuity of care in America. Today, consolidation in the industry is threatening independent hospitals and access to care in their communities. In 2017, Moody’s reported that operating margins hit an all time low at not-for-profit hospitals. The good news is, compensation can be used as a tool to reverse this trend. 

 

Forward-thinking compensation

 

Compensation programs can attract and retain top physician and executive talent, but attractive rewards cannot be sustained in today’s environment without forward-thinking design. When a program incorporates the proper funding vehicles, it allows a hospital to recoup a portion of the cost of compensation. This enables the hospital to use compensation effectively without compromising its bottom line. This strategy can be applied to any type of hospital compensation whether it’s call pay, executive pay, employed physician pay, or other arrangements. 

 

It has never been more important for healthcare organizations to consider their highest purpose when designing compensation programs. At a time when more and more hospitals are closing their doors, compensation should be used to strengthen organizations so they will be able to continue to serve our communities for generations to come.

 

REQUEST OUR WHITE PAPER

Complete the form below and receive a copy of our latest white paper, The Call Pay Solution: Stabilizing budgets with a fair and sustainable approac
Something went wrong. Please check your entries and try again.

Want to Learn More?

Hospital call pay: Turning a burden into a benefit

Hospital call pay: Turning a burden into a benefit By: Kyle Worthy, Senior Consultant Hospitals are struggling to survive. Financial challenges from shrinking reimbursements and skyrocketing expenses have pushed many facilities to the brink. The problem is especially dire in rural communities, where 5 percent of hospitals have closed since…

Call Pay Calculator®: A More Reliable Resource for Call Pay Data

Call Pay Calculator®: A More Reliable Resource for Call Pay Data By: Kyle Worthy, Senior Consultant When creating on-call compensation agreements, having reliable compensation benchmarks is essential, especially given the regulatory requirement that hospital-physician financial relationships must reflect the fair market value of the physician’s services.   Commercially available survey…

Introducing: Physician Employment Strategies Series

Introducing: Physician Employment Strategies Series By: Kyle Worthy For the first time in history, there are more physicians employed by hospitals than by private practices. This cultural shift, combined with a growing physician shortage, has made hospitals’ recruiting and retention more challenging than ever. Attempts to attract and retain top…

Excise Tax and Non-Profit Healthcare Organizations

Excise Tax: Impact On Tax-Exempt Heathcare Organizations By: Kyle Worthy A 2018 change in tax law will have a major impact on compensation for non-profit hospitals and healthcare systems. To learn more about the tax reform, we turned to Dan Mulholland and Henry Casale, partners at HortySpringer. HortySpringer is a…