Incentivizing Physician Productivity with Benchmarks

Webcast on CD or On-Demand

Presented on November 17, 2010

Sponsored by HealthLeaders Magazine

What if the way you interpret survey benchmarks resulted in additional compensation of $500,000 for the same productivity? Have you found the balance between your compensation methodology, your market reality and strategic objectives, or are they at odds? Are you able to structure meaningful incentives while considering these factors and industry benchmarks? How do you ensure competitive compensation while maintaining financial viability?

Join HealthLeaders Media for this 60-minute webcast, including Q&A, and learn from leading experts about benchmarking and physician compensation. Plus find out how to avoid a common mistake in applying survey data that nearly cost one hospital $500,000 in additional compensation.

After this Webcast, you will be able to:

• Identify meaningful measures for developing productivity incentives
• Recognize the frequent industry pitfalls and challenges of using survey benchmark data
• Evaluate real-world examples of successes and failures in using survey data

PROGRAM AGENDA

1. Meaningful measures for developing incentives
   1. Focus on measures that physicians can influence
   2. Develop a matrix of measures and primary responsibilities
2. Pitfalls and challenges of benchmarking
   1. Surveys are useful but your own data is the true indicator
   2. Understand that survey tables are individual measures (i.e., compensation, RVU productivity, compensation per RVU), and NOT an aggregate measure of a successful practice
   3. Be aware of the time delay in reporting and how industry changes (i.e., Medicare reimbursement rates, RVU rates, etc.) can impact how to interpret and apply survey data
3. Examples of successes and pitfalls in using benchmarking data
   1. Pitfall in an integration scenario: Overlooking the current compensation reality by committing to a percentile rate based on an RVU productivity percentile nearly resulted in $500,000 in additional compensation; you must run the numbers
   2. Failure to adjust rates in response to RVU changes resulted in 30% increase in compensation for the same productivity; you must anticipate the coming changes in 2012 and be ready to respond accordingly (if compensating on RVUs)
   3. Success: Properly aligned and structured compensation and productivity incentives can encourage greater productivity. The primary care physicians at the Lake continue to exceed industry medians and enjoy solid financial performance (improving losses by more than $1,300,000)
   4. Market reality: Know where you stand
   5. What surveys give and don't give
   6. Reality of those seeking employment
   7. Define your scope
4. Strategies for communicating with internal employees
   1. Physician communication
   2. Clearly define how you will use surveys in your communications
5. Live Q&A

SPEAKERS

William S. Reiser, MBA, is vice president of product development, Halley Consulting Group. Reiser is a content expert in physician productivity compensation and has consulted with private and hospital-owned practices to identify operational inefficiencies and strategies for performance improvement. He also directed the physician recruitment activities for a seven-hospital health system and structured physician recruitment packages to comply with federal regulations.

Jeffrey D. Limbocker, FHFMA, CIA, is chief financial officer, Our Lady of the Lake Regional Medical Center. Limbocker is responsible for the strategic financial and direction of the hospital and its subsidiaries and serves in various capacities for the Lake's subsidiaries and joint venture boards, including oversight of the 150-physician Lake Physician Group. He has more than 16 years of healthcare accounting and financial operations experience.

WHO SHOULD ATTEND

Chief financial officers, chief operating officers, chief executive officers, chief medical officers, executive directors, finance directors, physician leaders, practice administrators and managers, physician network and executive administrators, director of physician relations, medical directors, medical staff directors, physicians, office managers

WEBCAST SYSTEM REQUIREMENTS

To fully benefit from the Webcast experience, you will need a computer equipped with a Broadband Internet connection, a sound card, and speakers or headphones. Macromedia Flash player Version 8.0 or greater, a recommended screen resolution of 1024 x 768, and an Internet Browser (e.g. Internet Explorer). The use of AOL or wireless Internet connections is not recommended.

NEW PURCHASE OPTION—WEBCAST ON-DEMAND

In addition to the regular CD purchase option for HealthLeaders Media Webcasts, we are pleased to offer a new option: Webcast on-demand. When you purchase a Webcast on-demand you will be able to view the program anywhere and anytime by logging into your account on www.HealthLeadersMedia.com. It's also a perfect training tool for new staff or a refresher for veteran staff.

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