Physician leaders are pivotal in the transition to value-based care.
Diverging trends in benchmarking data presents significant implications for organizations tying compensation to market benchmarks, leading many administrators to question whether benchmarks are the right tool for measuring cardiology service line performance or calculating compensation.
This column discusses the factors driving changes in benchmarking data and outlines potential solutions to ensure the sustainability and market-competitiveness of physician compensation for your cardiology program.
Aligning with health systems and hospitals through employment or affiliation arrangements may be a lifeline for some practices, but it in no way ensures practice growth or optimal performance. The good news is you don't have to stand idly by and hope your practice doesn't sink.
Financial incentives are an effective mechanism for aligning behavior, and at a time when physician employment is increasingly prevalent, implementing a compensation plan that aligns an organization's goals directly with physician remuneration is a key lever to achieving strategic objectives.
A confluence of factors, including physician integration efforts, a focus on population-based health, and value-based payments, is leading both hospitals and private practice groups to reexamine compensation. Conversations centered on compensation are among the most difficult for hospitals and physicians to engage in, and there is no silver bullet for how to best structure payment.
Here are three steps that can help enhance the productivity, operational performance, and long-term financial viability of a cardiology service line.
This column discusses why cardiologists and health systems need to think about compensation beyond the WRVU and offers examples of ways to incorporate performance measures into physician compensation plans.
Quantifying the true value of call coverage demands careful and comprehensive analysis. Published benchmarks and surveys provide limited insight into the national market, but hospitals must plan for the future as they address the coverage demands of today.
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