Value-based care creates opportunities for alignment
It’s no secret that incentivised compensation programs can enhance organizational alignment across many industries. But incentivisation is a complex issue in healthcare due to federal regulations put in place to prevent kickbacks. This complexity causes many hospitals to be wary of implementing any strategy that involves incentives. As a result, they’re unable to enjoy the benefits incentivized programs have to offer.
The good news is, the value-based care models that are being adopted across the country may provide organizations with more opportunities to improve alignment. Compensation can be linked to patient safety, patient satisfaction, and other metrics related to quality of care. Therefore, it’s possible to use incentivized pay strategies without compromising your compliance with federal regulations.
Values everyone can get behind
When organizations link compensation to quality metrics, it communicates their commitment to quality of care. This is very attractive to physicians. Most physicians want to work at an organization that prioritizes quality of care. Therefore, a compensation program designed to incentivize quality demonstrates an alignment of values. This alignment will not only improve an organization’s culture, it will also attract physicians in recruitment, setting the organization apart from its competitors.
Implementing an incentivized program
With our highly customizable programs, MaxWorth can help your organization implement an incentivized strategy that suits your unique needs. Through our Physicians’ Advantage Plan, we can help you link compensation to your top priorities. Our programs offer meaningful rewards and incorporate a platform for cost recovery that ensures their long-term sustainability.
REQUEST OUR CASE STUDY
Complete the form below and receive a copy of our physician employment case study.
Want to Learn More?
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 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 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 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…