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 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.
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.
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
Want to Learn More?
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 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.…
Practice Executive Compensation: Strategies to improve attraction, performance, and loyalty By: Kyle Worthy 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…
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…