Coffee with Coker
Episode 32: Compensation Best Practices for Physician Enterprises
- April 18, 2019
Alex Kirkland and Stephen Ross join Mark to discuss best practices for physician enterprise compensation plans. Alex, Stephen, and Mark evaluate the most common components of physician compensation plans and offer best-practice insights on them.
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Mark, Alex, and Stephen discuss the importance of a clear compensation strategy with appropriate governance protocols for employed physicians. Compensation design and redesign is a delicate process that encompasses both scientific reasoning to support the economics of the physician enterprise as well as artful politicking to engage physicians properly throughout the process.
No universal compensation plan fits every physician enterprise, and each will have unique nuances to consider. Though there are many different models, the best compensation plans will consider various factors and have a principled approach. The prevailing philosophy on compensation throughout the organization should be one that is physician-led, considerate of local economics, and layered on top of an established vision.