The development of a successful physician compensation plan.
Physician compensation plans are critical to the success of a physician group or may lead to the demise of the group. Essential components of the development and implementation of a successful physician compensation plan include: strategic planning, physician understanding and buy-in, appropriate incentives, objective performance measurement, and a specific funding source or mechanism. There are two basic philosophies to consider for use: the market-based model and the net economic contribution model. Advantages and disadvantages of each are discussed. Methods of incorporating these multiple aspects into a single plan are described.
Berkowitz
Steven M
SM
St. Davids Partnership, Austin, Texas, USA.
D017598:Efficiency, Organizational / Q000706:statistics & numerical data; D006123:Group Practice / Q000191:economics*; D007182:Income / Q000706:statistics & numerical data; D007857:Leadership; D015233:Models, Statistical; D010816:Physician Incentive Plans / Q000191:economics*; D010934:Planning Techniques; D019984:Quality Indicators, Health Care; D012456:Salaries and Fringe Benefits / Q000706:statistics & numerical data; D014481:United States