Physician Retention. Physician Compensation. What Can You Do?

Physician Retention. Physician Compensation.

These topics are at the top of the list for most large physician employers. The health care industry has endured so much in the past few years. This challenge will continue and needs time and effort.

What Can You Do?
Schedule a CY2022 review of your existing compensation plan and practices. This is important when new survey data comes out, when the organization wishes to shift priorities and goals, or when productivity has changed (pandemic-related or not).

Drastic modifications to a physician compensation plan are generally not needed. The review is for tweaks, equity, transparency, and reaching measurable goals. It is a way to set the stage for recruiting and take in feedback from existing physician employees.

Next Steps:

• Facilitate discussions with leadership to understand goals and objectives linked to current compensation practices
• Listen to selected stakeholders to understand impressions of current plan and compare and distinguish competitors
• Create and present benchmarking data and discuss in a meaningful way that educates the group about how it fits market trends, budget guidelines, recruitment needs and facilitates goals
• Provide working sessions with focus groups and present a draft or straw model of any changes to show probable future impacts from such adjustments
• Reduce outliers review for gender equity, and correct any historic miscues to elevate transparency and trust

Results:

A modernized compensation plan. Strategies to reduce complexities, enhance transparency and alleviate perceived inequities. A communications plan around the process and the end product with physician satisfaction and department goals at the forefront.

We can support you through this process at a reasonable cost and in a way that preserves your time for operations and leadership and moves the harder comparisons and conversations to the outside team.

Contact us to learn more regarding the benefits of this type of review for your organization. www.envisionbetterhealth.org