FINDING THE RIGHT FIT - Jackson Physician Search · 2018-06-12 · Medicare PFS (Physician Fee...
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Transcript of FINDING THE RIGHT FIT - Jackson Physician Search · 2018-06-12 · Medicare PFS (Physician Fee...
FINDING THE RIGHT FIT
Comp
Quality of Life
Quality of Practice
Location
MGMA Data – Most used benchmarks
©2018 MGMA. All rights reserved. - 3 -
• Compensation: Total compensation as reported on the W2.
– Excludes fringe benefits
• Work RVUs: Reflects the relative time and intensity associated with furnishing a Medicare PFS (Physician Fee Schedule) service
• Compensation to Work RVU Ratio: Total compensation divided by the Work RVUs
– This reflects only the sample of individuals that had both compensation and wRVUs submitted.
– This is an important aspect of the Provider Compensation.
– So many organizations pay based on productivity.
– This measurement reflects what those providers are paid per wRVU.
Comp
Key Trends in the 2018 MGMA Provider Compensation Data
Primary care physicians’ compensation rose by more than 10% over the past five yearsEvidence of the worsening primary care physician shortage in the American healthcare system.
©2018 MGMA. All rights reserved.
$220,000
$225,000
$230,000
$235,000
$240,000
$245,000
$250,000
$255,000
$260,000
2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 2 0 1 7
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PEN
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DATA YEAR
ALL PRIMARY CARE COMPENSATION TREND
All Primary Care:
Comp
Key Trends in the 2018 MGMA Provider Compensation Data
$257,726
$461,507
$369,863
$110,612
4,738
7,220
5,423
2,355
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1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
$-
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
$500,000
Primary Care Physicians Surgical SpecialistPhysicians
Nonsurgical SpecialistPhysicians
Nonphysician Providers
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VU
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Provider Specialty
MEDIAN COMPENSATION AND PRODUCTIVITY
Compensation Work RVUs
Comp
©2018 MGMA. All rights reserved.
Key Trends in the 2018 MGMA Provider Compensation Data
©2018 MGMA. All rights reserved.
Depending on medical specialty, the difference in physician compensation between the highest-paid state and the lowest-paid state range between $100,000 and nearly $270,000.
Top 5 states with increase in median total compensation
past 5 years
Comp
Key Trends in the 2018 MGMA Provider Compensation Data
©2018 MGMA. All rights reserved. - 7 -
Over the past five years, overall nonphysician provider compensation has increased at a rate of 8%. Looking at the changes over the past 10 years, the rate has doubled to 17%.
$50,000
$70,000
$90,000
$110,000
$130,000
2 0 0 7 2 0 0 8 2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 2 0 1 7
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DATA YEAR
ALL NONPHYSICIAN PROVIDER COMPENSATION 10 YEAR TREND
All Nonphysician Providers
Comp
Successfully Benchmarking Compensation
©2018 MGMA. All rights reserved. - 8 -
Filter the data to get the most relevant data to compare against. MGMA filters include:
• Organization Ownership (Hospital vs Physician owned)
• Demographic Classification (Metro vs Nonmetro)
• Geographic Section (Eastern, Midwest, Southern, Western)
• Number of FTE Physicians
• Practice Type (Single Specialty vs Multispecialty)
• Years in specialty
• Etc.
Ensure you are looking at the correct group of physicians
• Academic vs Non-academic
• Newly hired providers
o Just out of residency/fellowship vs not
Comp
FINDING THE RIGHT FIT
Comp
Quality of Life
Quality of Practice
Location
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Large Group Practice
+ Risk/overhead spread among more physicians
+ Clinical synergies
+ Referral opportunities
- Less independence
- Reduced governance role
- Accountability for group’s performance
Small Group Practice
+ Greater governance role
+ Shared risk/overhead
- Shared accountability for colleagues’ performance
- Less independence than solo
Hospital Employment
+ Low financial risk
+ Guaranteed income/benefits
+ Relief from administration
- Limited income growth
- Less independence/control
- Future tied to organization’s performance
Solo Practice
+ Set your schedule
+ Independence
+ Clinical autonomy
+ Fast rewards for efficiency
- Adept at running practice
- Assume full risk/overhead
- Develop own patient base
- No financial cushion
Lower Risk Higher Risk
Low
er
Rew
ard
Hig
he
r R
ewar
d
Quality of Practice
Balancing Risk and Reward for Your Ideal Practice
FINDING THE RIGHT FIT
Comp
Quality of Life
Quality of Practice
Location
CASE STUDYCost of Living in Albany, Georgia Compared to Atlanta, Georgia
SOURCE: https://www.bestplaces.net/cost-of-living/albany-ga/atlanta-ga/300000 12
Quality of Life
Cost of Living Indexes Albany Atlanta
Overall 81 102
Food 107 103
Housing 45 103
Median Home Cost $84,100 $191,600
Utilities 89 94
Transportation 98 104
Health 91 102
Miscellaneous 97 100
100 = national average
$300,000 in Albany should increase to $375,184 in Atlanta
CASE STUDYCost of Living in Albany, Georgia Compared to Atlanta, Georgia
https://www.bestplaces.net/cost-of-living/albany-ga/atlanta-ga/300000
Quality of Life
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Albany vs. Atlanta: $399,900
Quality of Life
CASE STUDYCost of Living in Albany, Georgia Compared to Atlanta, Georgia
FINDING THE RIGHT FIT
Comp
Quality of Life
Quality of Practice
Location
Find Your Idea Practice Location
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Location
Keep an Open Mind
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of physician candidates selected an opportunity in a location they didn’t previously consider.50%
Location
Look Beyond the Easy and Obvious
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Primary CareSouth Big Horn County Hospital
Basin, WY
Ob/GynGlendive Medical CenterGlendive, MT
MultipleCanton-Potsdam HospitalCanton, NY
Forensic PsychiatryOklahoma Forensic CenterVinita, OK
Family PracticeFriend Community Healthcare SystemFriend, NE
Family Medicine and NPPeak Vista Community Health Centers
Limon, CO
Location
Culture: Do All the Pieces Fit?
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CultureThe sum of the parts -- underscored by values, beliefs, attitudes, and behaviors that employees share and exhibit on a daily basis in their work and in the community
Comp
Quality of Life
Quality of Practice
Location
Culture
Cultural Showcase: The Site Visit
Comp
Quality of
Life
Quality of
Practice
Location
Culture
Evaluating Fit
Comp
Quality of
Life
Quality of
Practice
Location
Culture
The 3 C’s of Culture and Fit
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The distinguishing factor will be the connection, comfort and confidence you feel
Comp
Quality of
Life
Quality of
Practice
Location
Culture
The Total PackageManage Your Decisions Strategically
• Learn How it Works: Understand benchmarks, benefits & incentives
Compensation
• Balance Risk and Reward: There is little variation geographically
Quality of Practice
• Expand Your Horizons: Compare cost of living and quality of life
Location
• Fit Matters: The number one reason for turnover is poor fit
Culture
• Trust your Gut: Don’t sit on an offer too long or let terms kill a great fit
Decide
ADDITIONAL RESOURCES
Physician Salary Calculator
White Paper: Physician Workforce Through 2030
Guide to Developing a Strategic Physician Recruitment Plan
Infographic Guides: Physician Trends, Engagement and Networking
Case Studies
