Most physician compensation plans are based on external market data, which may have no relation to the financial position of a given organization. As a result, health systems are spending more on their employed physician practices than they can afford.
Healthcare reform and evolving reimbursement models are transforming the way care is and will be delivered and paid for. Here are some prominent trends we are observing.
ECG has a front row view of how reform and the transition to value-based care are playing out across the country. Here are some of the prominent themes we are observing.
Making sure provider compensation doesn’t bankrupt your organization.
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.
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