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'Few issues capture physicians’ attention in group practices more firmly than their compensation. It is symbolic of power and self-worth, of status and position. Although shades of altruism may have drawn physicians into the profession, their sizable education debts, high self-expectations, and their collegiality with peers draws them to the bottom line soon enough. Physicians have typically enjoyed incomes near the top of the economic structure in the United States, but the issue is seldom whether they earn enough. In group settings in particular, the issue is more poignantly seen as whether each one earns enough, relative to colleagues. Fairness is more critical, in most doctors’ minds, than magnitude. Compensation systems symbolize equity in a medical group. They govern how the medical revenues will be split, and therefore impact directly or indirectly just about every decision the group must make. 

It should come as no surprise, therefore, that compensation systems are placed under the microscope with regularity, and that there is no such thing as a perfect system. They are mathematical models for something that is not mathematical in nature. Compensation systems are at the heart of trust between colleagues in a medical group – trust that spills over from economics to clinical issues, from financial decisions to personal and professional relationships. Compensation is where the rubber hits the road – where group decisions have an intensely personal impact.” (Excerpt from the preface to Physician Compensation, MGMA, 2002) 

Developing physician compensation plans is one of the things we do best at The Hekman Group. In fact, we wrote the book on it. Designing and implementing a sound compensation system combines analytical skills with strategic thinking. It requires creativity with sensitivity to productive relationships. It can become a vital tool in an organizational turnaround, and it can serve to align a group’s intentions with its actions – its strategy with its practice. 

To tap into some of the best tools for designing a healthy compensation plan, give me a call at 800-819-9015. A brief no-obligation consultation might be all you need for the right ideas to get your group moving in positive directions. If you want to take your group to the next level in performance, we can talk about developing a compensation plan tailored to your values, your business potential, and your financial objectives.