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Compensation for providers is not a one-size-fits-all approach.
We understand that creating provider compensation models that reward volume and value is not a one-size-fits-all approach for today’s dynamic dermatology, ophthalmology, plastic surgery, and aesthetic medicine practices. Medical practices now find themselves facing more challenges than ever in maintaining and growing top-line revenue while seeing the cost of running a business increase dramatically. All these pressures necessitate thoughtful provider compensation models that balance the needs of the business as well as its revenue producers. That’s where we can help.
Unfortunately, we often find that many practices approach income distribution discussions with the expectation that the chosen system will last in perpetuity. In reality, most compensation systems are amended in less than three to five years. As a result, we believe that practices should not feel compelled to devise an all-encompassing compensation system that tries to anticipate all possible changes in the future practice environment. Rather, an enduring practice compensation system should:
- Be considered fair by all parties
- Meet reasonable needs of the practice for the next several years
- Have sufficient flexibility to serve as a base for future revisions
- Reinforce provider actions that contribute to continued practice strength in the face of anticipated market challenges
We’ll help you tackle these unique business challenges together.
We can help you customize the right compensation model and structure based on your needs — whether it’s a young physician that you’re bringing into the practice or if you are considering a complex business transaction like selling your practice. We can rework existing plans or build new plans from the ground up, always working to balance individual provider needs with the overall goals of the practice.
- Develop compensation models for newly employed physicians and mid-level providers
- Create and refine income sharing models for partners within a group practice
- Promote shared accountability and encourage productivity through customized compensation models in group practice settings
- Determine the appropriate compensation approach for groups with multiple sub-specialties
- Provide input on industry trends and benchmarks related to provider productivity and compensation
Let’s set-up an initial complimentary consultation.
Sometimes it’s helpful to talk things through. A complimentary consultation with a member of our provider compensation team provides an opportunity to discuss your specific needs and mutually identify the level of support you need. Since every engagement is unique, an initial consultation can help build a scope of work tailored for your needs.