The consequences of COVID-19 on FY2020 and FY2021 productivity need to be carefully reviewed, Adjustments may need to be made to maintain FMV. Many compensation datasets will reflect the survey data with and without COVID adjusted numbers. How do you use those resources to make adjustments in your setting?
Here are just a few principles to keep in mind when reviewing physician compensation data:
👻 Pandemic Adjustment Calculation
👻 Pay equity/gender bias
👻 Competitive Plan
👻 Total Cash Compensation
👻 Fair Market Value
👻 Minimum Work Standards
👻 Performance and quality incentives
👻 Mechanism for Yearly increases
👻 Value Based Plans – bonus adjustments
As we return to some normalcy, you will need to fast-track your efforts to assure you do not find yourself in a situation where your compensation plan is inadequate and needs revisions or a complete make over. Changes to compensation plans take on average 12 to 24 months depending on the organization’s budget and resources. We suggest you begin to analyze your plan now and prepare a timeline for rollout of any updates.
We can help you navigate these ghostly times. Envision Better Health LLC consultants have over 30 years of experience developing, refining, and implementing equitable physician compensation plans.