Successful compensation plans will be composed of straight-forward strategies that address a practice's specific requirements, according to Diagnostic Imaging.
Here are four key strategies to build a strong physician compensation plan.
1. A solid physician compensation plan will prevent high physician turnover. A practice will spend more money replacing a physician than just paying the physician's salary. Further, these exiting physicians may stay in the area and take their patients to their new practice. If this occurs, replacing physicians may need two years to three years to build a strong patient base, thus impacting the practice's overhead.
2. Even if three physicians out of a four-physician practice may be happy with the current plan, that one lone physician may produce the most results for the practice. Therefore, physician compensation plans can't be considered in a "majority-rules" mindset. The top producers' opinions must be weighed accordingly.
3. Annual reviews will allow for dissatisfied physicians to formally announce their frustrations. This system will prevent a physician blindsiding the practice by abruptly leaving due to dissatisfaction, and will ensure all physicians' voices are heard.
4. A primary care practice will require different plans than a specialty practice. Evaluate your practice's production data and physician annual reviews to determine the best plan for your practice.
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