Strategic Executive Compensation in Medical Groups

Strategic Executive Compensation in Medical Groups

Untitled-1

As we’ve discussed in the past, dynamic hospital compensation programs can be the key to attracting and retaining top executive talent, which ultimately impacts the continuity of care in america. 

 

As we transition to new delivery models, there is a growing need to think strategically about medical group executive compensation as well.

 

A rise in executive compensation

 

A recent MGMA study found that medical group executive compensation has increased nearly 14% over the past four years. The same study found that CEOs of larger medical groups experienced slower increases in compensation than CEOs of smaller groups. This means that smaller organizations are fighting to remain competitive, and one way they’re doing this is by offering attractive rewards packages. 

 

The importance of long-term stability

 

This approach is effective as long as compensation programs are designed with long-term sustainability in mind. Without a long-term vision, hefty rewards packages can deplete resources, making it hard to retain executive talent without threatening the financial viability of an organization.

 

The Healthcare Executive Advantage Plan

 

If medical groups are going to remain competitive and sustain increases in compensation, they must think strategically.

 

In many cases, medical groups can apply strategies from our Hospital Executive Advantage Plan to create a more sustainable rewards program for their executives. For example, we combine short-term and long-term rewards to create a balanced rewards suite that will help organizations attract and retain top executive talent. This approach, combined with our platform for cost-recovery, ensures the long-term sustainability of our programs.

 

Whether your organization is a level one trauma center or a physician-owned multi-specialty group, thinking strategically about your rewards and benefits can position you as a market leader for years to come.

 

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?

Nurse compensation: Know what benefits matter most

Nurse compensation: Know what benefits matter most Nursing turnover rates are increasing. In 2019, they stood at 18%, and by 2021, they had risen to 22%. Today, that number has reached 37% in some areas. The full extent of the pandemic’s impact on nurse retention is yet to be seen,…

Nursing benefits and the power of appreciation

Nursing benefits and the power of appreciation The US Bureau of Labor Statistics estimates that 275,000 additional nurses are needed in the workforce. This shortage will likely be exacerbated in the coming years given that one million registered nurses are expected to retire by 2030.   Indispensable but undervalued   …

Nursing Retention: Tailored benefits may be part of the solution

Nursing Retention: Tailored benefits may be part of the solution The correlation between nurse-to-patient ratios and patient outcomes has been well documented. So, the growth in nursing turnover is not a good omen for the trajectory of quality of care in America. Our nurses are concerned, and many are making…

MaxWorth Insights: Physician Benefit Plans

MaxWorth Insights: Physician Benefit Plans  A conversation with Dr. Tom Oliver MaxWorth Consulting Group, LLC · MaxWorth Insights: Recruiting and Retention with Dr. Oliver Recruiting and Retention in Today’s Market   Physician recruitment and retention has never been more challenging. But there are many ways healthcare organizations can distinguish themselves in the…