This topic has 2 replies, 2 voices, and was last updated 3 weeks, 6 days ago by Michelle Fernandez. Author Posts Mariah Replies viewable by members only Melinda Maynard-Thompson Our Assignment Title: Compensation & Benefits Please complete the sections and tables below with information from your health center. Compensation Review provider compensation to ensure the health center’s overall compensation package is competitive in your local market, as well as equitable. If you have a Provider Compensation Plan, include it as part of your recruitment plan. If you do not have a Provider Compensation Plan, it might be a good time to review your compensation policies and strategies to be sure they optimize provider retention. Also, be sure the provider compensation plan is reflected appropriately in provider contracts. Example: Date: October 2015 Findings: Providers salaries reviewed by provider type (MD, NP, PA) and compared to MGMA survey by region, NACHC survey by state, and locally during the Fall of 2015. Salaries for physicians are competitive. NP and PA salaries are about 25% below local salaries. Action plan: Effective January 2016, increase NP and PA salaries by 15% per year for 2 consecutive years and reassess October 2017. Provider Salary Review: Date: _________________ Findings: Our physician salaries were found to be competitive locally. Our NP salary was also competitive. The LPN and RN salaries, while within the average ranges, were on the low end. Action Plan: This will be discussed with our Staff Accountant prior to budgeting for the next FY. Next Provider Salary Review Scheduled for _12-1-21__ (date). Provider Incentives Consider offering incentives as a part of the health center’s compensation package to make the overall compensation package more appealing and also to encourage provider behaviors through compensation rewards. Be sure to involve providers in the compensation planning process and to get their buy-in before making large changes to the compensation model. Create compensation policies in advance of making any changes with very specific formulas and definitions to make the changes clear to all participants. Test and assess changes by conducting a “shadow” model in advance of actual implementation by running a mock compensation change for a 3 to 6-month period to fully understand the impact of any compensation model revisions. Get feedback and adjust the model as needed prior to full implementation. Select the components of the health center’s incentive-based provider compensation and note the % of the total salary compensation attributed to each component. Complete % of total compensation: 100% Base Salary Incentives based on: Production (revenue, visits or RVU based) Quality Patient Satisfaction Internal Administrative Task Completion End of year bonus Other (please specify) ______________________________ Benefits Similar to the Provider Compensation Review, conduct a Benefit Review. Consider offering improved educational benefits to encourage retention and to promote quality improvement initiatives in the health center. Review each of the following benefits to determine competitiveness in the market place. The first line “Vacation” is completed as an example in the following, Table 10. Benefit Review Benefit Details Review Results Action Plan Vacation 1 day PTO per month Not competitive Review with CEO Holidays Average 11-12 paid holidays per year Competitive none Sick 1 day PTO per moth Not Competitive Review with CEO Educational Leave Up t 5 days per year Competitive none Educational Travel 50% Reimbursement Competitive none Educational Conference 50% reimbursement Competitive None Licensure Support none Not competitive Review with CEO Health Insurance Standard single plan paid 100% Competitive None Dental Insurance Standard single plan paid 100% Competitive None Life Insurance Four times salary paid for by the agency- with option to pay out of pocket for additional coverage Competitive None Disability Insurance Available Competitive None Retirement Plan Not available currently, but planned for July 1, 2021 Competitive None Loan Repayment Yes Competitive None Other (specify) Vision insurance- 100% paid by agency for single, standard plan; employee health program where employees can see agency providers for flat fee of $10, discounts on labs, pharmacy and dental services are provided at cost to employees * This section is not part of the homework, but included for those interested in a general checklist of suggested components to include in a contract Contracting Ideally, a provider contract needs to be developed prior to the first telephone interview. In addition to specifying the work expectations, compensation and benefits, the contract should include provisions for moving expenses, signing bonus (if applicable), and professional development time and expenses. Attach a boilerplate version of the health center provider contract to the Recruitment and Retention Plan. Update the contract as necessary. Be prepared to discuss the general terms of the contract during the telephone interview and very specific details during the candidate visit. Check the following Contract Terms that are included in the health center boilerplate contract: □ Work Expectations • Clinical office hours • Administrative responsibilities • Call schedule • Office sites □ Compensation • Details of Incentive Compensation (if applicable) □ Base Salary □ Incentives for production (revenue, visits or RVU based) including goals □ Incentives for quality, including metrics □ Incentives for patient satisfaction, including goals □ Incentives for internal administrative task completion, including expectations □ End of year bonus □ Benefits □ Vacation □ Holidays □ Sick □ Health Insurance □ Dental Insurance □ Life Insurance □ Disability Insurance □ Retirement Plan □ Professional Development □ Educational Leave □ Educational Travel □ Educational Conference or Other Required Educational Expenses □ Moving Expenses □ Signing Bonus □ Other benefits such as sabbatical leave Boilerplate Contract is Included as Attachment _____no_________ Last Date Contract Reviewed/Updated: ___________N/A__________ Michelle Fernandez Thank you for sharing, Melinda! 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