Physician Compensation Planning and Design
Well-designed physician compensation plans are vital to the success of both recruitment and value-based payment. Compensation plans must incent physicians to meet both traditional productivity goals, and goals such as more cost-effective care, meeting specific quality standards, and patient satisfaction. At the same time, any change in compensation plans must be sensitive to the impact on physician recruitment and retention.
Veralon can help you structure innovative, effective, and affordable approaches to physician compensation that improve performance and align physician and hospital interests.
We have designed many plans that incorporate volume-based and value-based incentives, and accommodate teaching, administration, and research. We can design compensation plans for single physicians, practices, academic departments, or entire physician enterprises. We have completed hundreds of physician compensation reviews, many for large, complex academic medical center clients.
Veralon keeps you in regulatory compliance while meeting hospital goals and physician expectations. We apply our expert valuation services to assure that compensation will be consistent with fair market value requirements. Our services also include:
- Addressing transition considerations
- Quality management and reporting
- Implementation support, including communications plans, and ongoing management reporting
- Translating administrative, supervisory and teaching (AS&T) activities for faculty and administrators into fair and reasonable compensation ranges
- Determining fair market value for defined service levels
Our experience includes in-depth contract auditing and review for a wide range of clinical departments.