|
|
 |
|
compensation modeling
What do a medical practice and a
marriage have in common?
The number one conflict between
partners is MONEY.
We can help your practice grow and achieve fair
solutions for both the practice and the individual physicians with our
customized compensation models. Simply put, compensation modeling determines
what is fair and feasible for physician salaries, benefits and bonuses. Numerous
considerations and details go into the strategic planning of a physician
compensation program, and it can be a complicated process that entails formulas
and distribution arrangements as well as compliance with regulatory mandates
such as the Stark Laws and Anti-Kickback Statutes.
We can help you
navigate challenging issues such as:
- Establishing financial incentives to promote physician productivity and
efficiency.
- Defining the performance criteria that will be used for base-pay
adjustments and incentive/bonus awards.
- Finding the income formula that will reasonably satisfy each partner so
the group will thrive.
- Establishing an objective and lawful methodology for calculating physician
compensation.
- Designing a plan that is easily administered.
- Selecting the appropriate benchmark comparisons.
- Offering partnership to a new associate.
- Which buy-in method is right for your practice.
- The difficult "goodwill value" question.
- Promoting physicians' long-term commitment to the practice or clinic.
Be aware that all compensation plans have drawbacks. Most run the risk
of being too complicated, and all of them require a lot of up-front research,
discussion, planning, and teamwork. The challenge is devising a compensation
plan that is not only acceptable to all of your physicians, but is also
economically feasible and legally compliant. Determining this requires a
detailed and realistic accounting of your current financial status, as well as
projections of future income. As management consultants and accountants,
Kerkering Barberio can advise you on the best compensation plan for your group,
and then help you implement and manage
it.
|
