CRI has a long history of assisting healthcare organizations to best utilize their resources to develop creative and effective compensation programs and can assist you in providing current competitive market data. Healthcare compensation remains a primary focus of healthcare organizations, including hospitals, multi-facility medical centers, and systems; as well as clinics, social service agencies, nursing homes, home care agencies, medical practices, and related organizations. Systematic review of compensation programs ensures that organizations are providing the most effective tools for setting healthcare compensation levels throughout the organization.
The healthcare industry takes many forms, and continues to be one of the strongest business sectors, with the greatest recent and potential growth. In order to sustain this growth, particularly in light of recent and pending regulatory impact, many healthcare organizations are attempting to re-invent themselves. One area in which this is very evident, is the move away from traditional length of service and entitlement type pay programs to compensation based on a pay for performance culture.
Another significant influence impacting the healthcare industry is that while services provided are very similar, the industry is made up of both not-for-profit and for-profit organizations, which are covered by different regulations covering their compensation programs and pay practices. Regardless, they compete within the same labor market for applicants, which require that their pay plans be highly competitive, while still meeting the various legal requirements and restrictions.
Since these pay plans are under constant scrutiny and the laws affecting them are continually changing, it is extremely important that healthcare organizations frequently review their compensation programs and practices to ensure that they provide the competitive levels of compensation necessary to attract qualified applicants and provide an environment that allow the healthcare organizations to recognize and reward proven talent, while retaining talent and critical skills at all levels within the organization.
Some important steps that should be followed to ensure that compensation programs are competitive, meet all applicable statutory requirements, and provide the necessary justification, are as follows:
Based on our vast experience in designing and implementation of successful healthcare compensation programs, we are available to assist your organization, when you need us and are ready to move forward.