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Healthcare Compensation
Overview:
CRI has a long history of assisting healthcare organizations to best utilize their resources to develop creative and effective compensation programs. 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 and home care agencies, as well as medical practices and related organizations. Systematic review of compensation programs insure that organizations are providing the most effective tools for setting compensation levels throughout the organization.
Some important steps that should be followed to make sure that programs are competitive, meet all applicable statutory requirements, and provide the necessary justification, are as follows:
Step One
Clarify the Compensation Philosophy: | Determine which market and peers be used for comparison purposes? At what competitive level will compensation be set? What will be the mix of compensation elements?
| Step Two
Compare your pay program against the Philosophy: | Does the current plan achieve the stated objectives? Does it meet “Best Practices”? What are the pay elements needing attention? Does it comply will all applicable rules and regulations?
| Step Three
Develop a Strategic Action Plan: | What modifications should be introduced to correct identified issues? What is the timeframe for implementation? Is there sufficient funding, communications, and training to insure that implementation will be successful? What are the “phase in” issues, and how will they be handled?
| Step Four
Implement the Necessary Changes: | - Successful implementation means developing and modeling the changes, consideration of all training, communication, administrative and transition issues, and finally monitoring activity, and determining if the new program has been successful.
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Based on our vast experience in designing and implementation of successful healthcare compensation programs, we are ready, willing, and able to assist your organization, when you need us and are ready to move forward.
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 even the 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 effecting them are continually changing, it is extremely important that healthcare organizations frequently review their compensation programs and practices to insure that they provide the competitive levels of compensation necessary to attract qualified applicants, provide an environment that allow the healthcare organizations to recognize and reward proven talent, while retaining training and critical skills at all levels within the organization.
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