Physician compensation is the most sensitive area of discussion within a medical group. Your goal should be to administer and communicate a compensation program that is perceived as fair and equal in relation to the hours worked among the physicians. When this is done well, medical groups see high productivity, a pleasant work culture and an increased ability to achieve organizational results. But managing that is not easy.
Most medical groups struggle with this delicate but important responsibility. Successfully administering physician compensation can be the difference between a highly functional medical group and a floundering organization. So it’s important to consider who is in the best position to handle this in a way that will foster physician engagement and organizational success.
When compensation needs to be evaluated, restructured or addressed, who is going to objectively facilitate the process? In our experience, an outside business advisor is usually in the best position to be a change maker who can help recommend, communicate and implement a new compensation model. The key is to find the right professional – a consultant who is fully engaged and involved with your business.
An effective business advisor will seamlessly guide your compensation decisions by looking at your whole organizational picture. He or she will work with the same care and attention you’d apply to the situation, and will be able to start the project off on the right foot so that you achieve your desired results. When advisors are involved in the process from the start, they can more easily facilitate positive change.
The right advisor can help medical groups:
- Implement budgets
- Determine the base compensation
- Identify the best compensation model, based on the specialty
- Communicate the rationale for the change, and how it will be implemented
The healthcare environment has become far more demanding, and handling your group’s organizational challenges on your own is rarely the most cost-effective, successful way. Rather, it’s an outside advisor who’s usually in the best position to help your medical group implement change and improve performance.
If you’d like help determining the scope of your compensation adjustment project, identifying the hallmarks of the advisor who’s right for your organization, or understanding how an outside advisor can alleviate your challenges, please reach out to the healthcare consultants at Clark Schaefer Hackett. Scheduling an initial, no-cost consultation may just be the best decision you ever make
