Physician Compensation
Where will you find a model that provides fair market compensation to physicians while motivating high productivity and organizational viability? Can a physician compensation model really improve performance 20% to 30% or more within weeks?
The Halley Consulting Group Physician Compensation Model closes the traditional gap between employed physician behavior and financial rewards/consequences. Relative Value Units (RVUs) are the key productivity indicator at the heart of this compensation methodology. The model design:
- Provides a competitive level of income for physicians in order to attract and retain the “best of the best”
- Includes personal productivity incentives paid monthly so employed doctors can influence their own income like their private practice peers
- Promotes organizational viability
- Can reward excellence in clinical quality and customer service
- Is based on simple, easy-to-understand principles
The Halley team facilitates a participative implementation process starting with a Compensation Committee that involves key physician leaders and hospital executives in:
- Developing the basic tenets of the plan
- Engaging the hospital’s legal counsel
- Comparing current compensation structures with internal and external benchmarks
- Populating the Halley Compensation Model with physician data
- Developing a transition strategy from the prior model
- Developing and implementing a communication strategy to educate other physicians about the model
While this process requires an upfront commitment of time from physician and executive leaders, it always yields improved partnership and more effective implementation.
| "Halley Consulting's process for developing a new physician compensation model was a true collaboration between hospital administrators and the employed physicians themselves. It was an unusual and exciting approach that aligned the system's strategic goals with the compensation model." Ron Hill Hospital Vice President West Tennessee Healthcare Jackson, Tennessee |
