Why Physician Compensation Plans Fail

The number one reason physicians leave their practice is discontent over their compensation. During the signing and negotiating process, many long-term compensation issues are not addressed and it leaves the physician unsatisfied with the compensation terms and less likely to re-sign a similar contract with the same group. Also, physicians are often not communicated with during their contract term and these issues are either not brought up prior to the contract completion or are not taken seriously enough to make changes that may keep the physician for another contract period.

MedScape has published their 2011 Physician Compensation Survey which provides data on many different specialty's compensation tracking geographic location, specialty, and even gender. View the results by clicking here:
http://www.medscape.com/features/slideshow/compensation/2011

They have also offered some guidelines on how to create compensation plans that work, not only during the negotiation process but also long-term once groups have signed physicians.

Here are some of their suggestions:

-Create a Compensation Plan with a goal of Preserving the Physician Group
-Annual Review of the Compensation Plan
-Structure Compensation Plans Specific to each Separate Physician Partner/ Associate

Read the full article at MedScape or by clicking here:
http://www.medscape.com/viewarticle/741975