Physician Compensation Plan Design & Advisory

Who Do You Want to Be?

How you pay your physicians defines the physicians you retain. Who you retain, defines your practice. Do you have a competitive compensation design that can attract and retain top talent?

The end result of an effective compensation plan is to attract and retain the most qualified and successful physicians to your practice. But where to begin? Are you competitive?

Let's Start a Conversation

Chris Schultz | Partner, Healthcare Practice Group

Physician Compensation Plans Done Right

A well-structured compensation plan gives you a guide for paying your physicians while helping your practice meet market requirements. Healthcare organizations cannot afford to go it alone – the costs and risks are simply too high. A better way is through partnership with Lurie healthcare specialists.

Here are four questions to ask when designing a compensation plan for your medical practice.

The answer to this question should serve as the basis for your compensation plan. With a holistic view of your practice, you’re able to determine the type of practice you want to be —or should be— and move forward with designing a compensation plan that will recruit and retain providers who will help you get there.

A successful comp plan is one where everyone has to give a little. Identifying your physicians’ pain points can help you better understand what is and isn’t negotiable. With this in mind, it’s important to make sure your physicians and leadership are on board—and on the same page with the goals for the practice.

This may be the most critical component of designing a compensation plan for your medical practice. Your physicians need to fully understand how it affects them. Any buy-in or financial confidence you’ve instilled in your compensation plan will be worth nothing if your physicians can’t decipher what it means.

You can have the most well thought-out, diplomatic compensation plan in the world, but if it doesn’t make financial sense for your practice, it won’t be successful. All too often we see compensation models that have absolutely nothing to do with a practice’s income. A practice’s net income is the absolute maximum amount that could be distributed to its physicians. After all, no business can survive if it’s paying out more than it brings in. To ensure your compensation plan is financially viable, consider running models that can help you determine the true cost of compensation over time.

Physician Compensation Plan Design & Consulting Services Include:

  • Market bench-marking (local & national)
  • Compensation design SWAT analysis
  • Physician interviews/input
  • Measurement and scorecard assessment
  • Financial modeling & presentation
  • Compensation design implementation
  • Compensation design support
  • Value-based design beyond wRVU’s
  • Incentive based design
  • Provider attraction/retention
  • Superior performer platforms
  • Testing and validation
  • Evaluate the broader market
  • Evaluate the national market
  • ACO models
  • Shared savings programs
  • MACRA; MIPs and APMs
  • Qualitative and quantitative date review
  • Volume to value
  • Physician education
  • Multi-specialty or specialty design

360 Degree Services

Meet your team
Lurie’s healthcare team has a wealth of expertise to serve the unique needs of you and your practice.

Chris Schultz

Partner, Healthcare Practice Group

Libby Hornibrook

Partner, Healthcare Practice Group​

Stacie Usem

Partner, Healthcare Practice Group​

Timothy Schmidt

Partner, Healthcare Practice Group​

Wendy Frame

Partner, Retirement Plan Consulting

Annette Dunn

Manager, Healthcare Practice Group

Rhoda Beaird

Manager, Healthcare Practice Group

Erica Martinez

Senior Associate, Healthcare Practice Group

Noah Vannevel

Senior Associate, Healthcare Practice Group

Barbara VanBenthuysen

Client Service Coordinator, Healthcare Practice Group

Let's start a conversation.

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