Value-based care creates opportunities for alignment

Value-based care creates opportunities for alignment

AdobeStock_302604987 [Converted]

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. 

 

New opportunities 

 

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.
Something went wrong. Please check your entries and try again.

Want to Learn More?

The fairness factor: How to avoid agitation around nurse pay

The fairness factor: How to avoid agitation around nurse pay MaxWorth got its start designing healthcare compensation strategies nearly two decades ago when call pay was one of the most contentious topics in the industry. We quickly learned that a perceived lack of fairness was at the heart of nearly…

Balancing penalties and rewards in benefits for health care providers

Balancing penalties and rewards in benefits for health care providers NBC News recently reported that it’s becoming common for hospitals to require nurses to pay back the cost of their training if they choose to leave or are fired within a certain amount of time. These costs can amount up…

Hidden opportunities to reduce healthcare labor cost

Hidden opportunities to reduce healthcare labor cost In January, KaufmanHall reported that 2022 was the worst financial year for hospitals and health systems since the start of the COVID-19 pandemic. December saw an increase in provider productivity, but it simply wasn’t enough to outweigh cost increases.    Expenses likely to…

Benefits for an aging physician population

Benefits for an aging physician population The AAMC’s 2022 Physician Specialty Data Report found that nearly half of physicians currently practicing are aged 55 or older. An aging physician population places pressure on recruitment and retention in many ways. Healthcare leaders might be asking themselves: Are young people encouraged to…