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 Healthcare Executive Advantage Plan and 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.
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