Healthcare Executive Compensation
An essential element for your organization is to develop and implement efficient, competitive, and compliant compensation plans for its provider base. It is also critical to establish effective compensation models for your executive-level leaders. Well-designed executive compensation plans are necessary to recruit for these positions and to retain capable leaders in these roles in a highly competitive market for talented and qualified leaders, which is increasing throughout the industry. Further, establishing a structure that incentivizes behaviors that benefit the overall organization will ensure that all parties are striving toward the same outcomes.
Our executive compensation assignments provide healthcare organizations with unbiased, data-driven answers to several key questions, including:
- What is your organization’s overarching strategy regarding compensation?
- What is the appropriate value of compensation for your leaders?
- What is the proper compensation structure for your leaders?
In answering these questions, we use sound quantitative market data as the foundation for our analysis. We then apply our knowledge of the specific dynamics of your situation, in coordination with our healthcare industry strategy and valuation expertise to formulate our conclusions. Our assessments and recommendations assist organizations as they strive for fairness, relevance, and compliance in today’s evolving healthcare market.
During an assessment, we:
- Consider the leader’s position, tenure, experience, performance, and key accomplishments.
- Examine the organization’s recent operating results, engagement scores, budget realities, clinical quality scores, retention, turnover, evaluation processes, human resource policies, and secondary issues that influence executive (and staff) compensation.
- Complete detailed evaluations for the current compensation for each role compared to market figures, both regionally and nationally.
- Ensure that the compensation structures align with the organization’s strategy.
Our team of experienced consultants will review and analyze existing and proposed compensation for healthcare executive positions in terms of the appropriateness of their value, parity among individuals, and the relevance of the structural model design. Whether as part of an annual review process or within a comprehensive compensation redesign, our consultants are well equipped to provide you with meaningful and practical solutions for your executive compensation needs.