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July 13, 2010

Employed Physician Compensation Model - A Discussion with Becker's Hospital Review

As more and more hospitals employ physicians, the importance of proper compensation models to ensure strong performance has been increasing. Hospitals need to ensure that their physician employees are delivering on the key factors for which they were hired.

Randall Kelley, CEO of Inove Loudon Hospital and Denice Soying Higman, President/Founder of Soyring Consulting share 4 tips that should be taken into consideration with Becker's Hospital Review:

1. Benchmarking
• Use salary benchmarks to ensure you are paying your physician employees within the right range

2. Tying Compensation to Performance
• Tie compensation to key measures dealing with the quality of patient care

3. Consider Utilization
• Reducing utilization while maintaining quality starts with measuring employed physicians against their peers

4. Review Contracts Against Performance
• Include performance reviews in contract provisions that tie performance indicators to compensation and continued employment

Full Article from Becker's Hospital Review:
Becker's Hospital Review - Determining Employed Hospitalist Compensation

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