This position will provide management and leadership over the physician compensation function by developing compensation strategies/models and measuring the effectiveness of physician compensation plans to ensure the overall physician strategy is supported. Responsibilities will focus on the administration of physician compensation through plan development, implementation, and ongoing operational management. The position will, under the direction of the Vice President of Physician Services, be involved in all aspects of physician compensation determination and supervise contract administration, regulatory compliance and fair market value assessments.
Essential Job Functions:
Leads the development of physician compensation arrangements that align with organizational objectives and meet regulatory requirements.
Develops physician compensation models that support physician initiatives and controlling costs, while enhancing physician performance and rewards associated with performance.
Manages the Compensation review process for all physician compensation arrangements including employed and non-employed physicians, non-productive compensation, call pay practices, and directorships.
Maintains current knowledge on:
Trends and developments in physician practice economics and provider compensation models to achieve/maintain alignment between practice revenues, quality, patient experience, expenses and compensation.
Develops, recommends and maintains standards for benchmarking compensation to ensure consistency in methodologies and to aid in the analysis of model effectiveness and the identification of best practices.
Act as primary liaison between employed physicians, general counsel, and third parties with regard to physician compensation issues, coverage agreements, corporate overhead allocations and other financial matters impacting physician compensation.
Works closely with Physician Services and Finance department staff to ensure accurate and timely reporting of physician clinical productivity as it relates to compensation.
Supervises staff and oversees the administration of the provider compensation plan, ensuring accuracy of all data used for physician compensation.
Manages resources, including operating budget, and oversees the professional development of supervised staff.
Accountable for monthly, quarterly, and annual calculation process ensuring the accurate and timely preparation of the physician compensation programs.
Coordinates annual analytical review and adjustment of employed physician pay structure in order to deliver a fair market value (FMV) plan.
Serves on the Physician Compensation Committee and prepares monthly agenda discussion topics.
Partners with Vice President of Physician Services and Director of Physician Recruitment to develop physician salary offers.
Meet with physician candidates to review compensation and system pay practices.
Builds strong working relationships with physicians and presents information and resolves compensation related questions and issues.
Communicates effectively and collaborates with Corporate Responsibility, Legal Services, Finance, Human Resources, and other departments on physician compensation matters.
Serves as a resource to Regional Health leadership and executive team on compensation and related matters.
Prepares and presents compensation information to executive team, senior executive team and board as needed.
Provides schedules to third party for reasonable compensation review and develop action plans for any outlier cases.
Maintains orderly records and files assuring proper documentation of all provider compensation agreements.
Maintains strictest confidentiality.
Knowledge – Skills – Abilities
Comprehensive knowledge of physician compensation plan designs, compensation theories, and best practices.
Critical thinking and analytical skills. Be able to investigate, recognize, and analyze problems in order to determine plan of action.
Excellent verbal and written communication skills. Ability to maintain positive relationships and collaborate effectively with all stakeholders including physicians, management, executives, and other organizations.
Proficient in Microsoft Office: Excel, PowerPoint, and Word
Effective people management skills
Bachelor degree in accounting, finance, business administration or related field required.
Master’s degree in business administration, health care administration, finance, accounting or related field preferred.
3+ years previous experience in physician compensation administration
5+ years experience in health care administration, financial analysis, accounting or related field.
Prior management experience preferred
Additional Salary Information: Salary will be determined by experience. Medical, Prescription, Dental, Vision, Flexible Spending Account, Paid time off, Pension, and 403b offered.
Regional Health is an integrated health care system with the purpose of helping patients and communities live well. The organization, with headquarters in Rapid City, S.D., provides community based health care in more than 20 communities in two states and 32 specialty areas of medicine. As the largest private employer in western South Dakota, Regional Health comprises five hospitals, 24 clinic lo...cations and employs nearly 5,000 physicians and caregivers. Regional Health is committed to the future of medicine, with medical training partnerships, a medical residency program, and more than 130 active research studies.