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PHYSICIAN
COMPENSATION:
ANALYSIS, DESIGN, AND IMPLEMENTATION
Our experience in
both managing and consulting with medical groups and integrated delivery
systems throughout the country has shown that truly successful physician
compensation plans move beyond merely dividing up a pool of money in
some mechanical fashion to recognizing and rewarding desired
performance. While developing workable mechanics and understanding
market dynamics are important, the truly successful plans provide strong
linkages between organizational goals and physician compensation to
ensure the long-term sustainability of the practice. Moreover, they
aren't disproportionately driven by surveys, which reflect the blended
performance of many practices and not the achievable performance of our
client's practice. Accordingly, an overarching goal of any physician
compensation plan must be to operate within the framework of the
organization's business plan and to ensure physicians demonstrate
the requisite attitudes and behaviors that will ultimately help drive
the success of the practice.
Partners offers a
comprehensive approach to the design process. First, understanding the
practice's operations and market position is required to build an
accurate context within which appropriate performance targets can be
established. Next, a compensation plan is designed that properly
considers:
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The mission,
vision, and strategic and business objectives of the organization
-
The provider
attraction and retention plan (e.g., finding and retaining the best
practitioners the market can offer)
-
Rewarding
superior individual and organizational performance
-
Organizational
affordability
-
Physician
accountability for the market, strategic, operating service line, and
clinical performance of the organization
-
The performance
appraisal process
-
The tie between
performance management and compensation
-
Physician
leadership, patient satisfaction, community service, and innovation
(i.e., citizenship)
-
Implementation
and administration by physician leadership and management
-
Information
system capabilities.
Another essential
element in developing a successful compensation plan is physician
participation. Physicians need to be involved in all stages of the
design process to ensure they understand and support the appropriate
linkages and measurement tools for which they will be held accountable
under the final plan. Partners has developed several unique methods
that better assure the physicians' ultimate support and approval of the
plans we help design.
Finally, Partners'
consultants offer "hands on" experience to assist in the program's
implementation. Implementation expertise and support can include
performance management, operational improvement, leadership development,
care management, and communication policies and procedures.
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952-548-3373
