Healthcare Changes and New C-Suite Roles
In this article featured in the November/December issue of ACHE’s Healthcare Executive magazine, SullivanCotter’s Mark Rumans, MD, Chief Medical Officer, and Christina Terranova Asselta, Managing Director, discuss how health systems have created and defined new C-Suite roles and changed their leadership teams to adjust to the rapidly changing health care environment.
INFOGRAPHIC | 2018 Health Care Staff Compensation Survey
Health care continues to evolve at a rapid pace, and organizations must balance the need to manage labor expense with the ability to compete and perform in an increasingly competitive talent market. This requires greater focus on compensation and pay practices across the entire health care workforce, including not just executives and providers but staff and other professionals in administrative, nursing, service and supervisory roles as well.
View highlights from SullivanCotter's 2018 Health Care Staff Compensation Survey, featuring data from nearly 600 organizations on 58,000 different health care professionals.
INFOGRAPHIC | APP Leadership Practices and Structures
Advanced practice providers (APPs) comprise one of the fastest growing workforces in the United States and are integral to effective and efficient health care delivery.
Organizations are seeing the need for leadership structures and practices to help support this important workforce.
Looking to gain additional insight? Contact us to learn more about developing effective APP leadership practices, structures and compensation strategies to help support your growing APP workforce.
Split-Dollar Life Insurance: Risks, Benefits and Key Considerations
Health care organizations are facing increased pressure as they try to recruit and retain top talent. At the same time, the onset of the 2017 Tax Cuts and Jobs Act and the introduction of a 21% employer-paid excise tax on compensation over $1 million for top-paid executives has left some hospitals and health systems asking the following question: Is there a more cost-effective way to deliver compensation and benefits?
These challenges have triggered renewed interest in split-dollar life insurance, although limited adoption rates have been observed to date based on SullivanCotter’s 2018 Benefits Practices in Hospitals and Health Systems Survey. While, under certain circumstances, split-dollar life insurance has the potential to reduce costs for the employer while delivering a similar or greater benefit for the executive, it is a much more complex approach than cash-based compensation structures and carries risks that must be carefully evaluated.
INFOGRAPHIC | 2018 Hospital-Based Physician Compensation and Work Effort Survey
Emerging Trends in Hospital-Based Physician Compensation and Work Effort
Featuring data from 45 health care organizations, this survey provides insight into the issues specific to hospital-based specialties, clinical work effort and the related compensation structures.
View highlights from this year's results and learn more about our Hospital-Based Physician Compensation and Work Effort Survey.
INFOGRAPHIC | 2018 Physician Compensation and Productivity Survey
Infographic | 2018 Physician Compensation and Productivity Survey
As health care organizations nationwide look to optimize clinical care and ensure financial stability in a highly complex environment, physician compensation programs are evolving to address changing models of care, the need for organizational alignment and a competitive market to talent.
View highlights from SullivanCotter’s 2018 Physician Compensation and Productivity Survey, featuring data from nearly 750 organizations covers more than 167,000 individual physicians and advanced practice providers.
Employers Choose Bonuses Over Raises
SullivanCotter Featured in the Wall Street Journal
In today's competitive talent market, organizations are looking for ways to attract and retain talent while controlling costs. The increasing use of incentives over traditional raises in base pay is trending across all industries. As health care organizations continue to focus on driving performance and enhancing organizational alignment, incentive compensation remains a key component of competitive total rewards programs. SullivanCotter was proud to contribute to this recent article, published in the Wall Street Journal, highlighting this shift in pay practices.
INFOGRAPHIC | Physician Executive Compensation
Emerging Compensation Trends for Physician Executives
Health care leaders with strong clinical backgrounds are in high demand as the focus on value-based care intensifies. As a result, there are more opportunities than ever before for physicians to move into executive positions at hospitals, health systems and medical groups across the country.
Gain additional insight from SullivanCotter's Physician Executive Compensation Survey and Medical Group Executive Compensation Survey.
INFOGRAPHIC | 2018 Manager and Executive Compensation in Hospitals and Health Systems Survey
Market Uncertainty and Change Requires Good Business Judgment
In today's unprecedented health care environment, organizations remain focused on two fundamental issues: optimizing clinical care and ensuring financial stability. These new performance priorities are setting the agenda for executive talent and rewards, and require good business judgment when designing and implementing “best fit” pay programs and setting compensation.
Learn more and view highlights from our 2018 Manager and Executive Compensation in Hospitals and Health Systems Survey.
Modern Healthcare | Annual Executive Compensation Article
Providing high-quality care and driving greater value for patients while also keeping costs in check remains one of the greatest challenges for hospitals and health systems nationwide - placing a premium on top executive talent with the skills and experience necessary to lead such efforts.
Amid these ongoing cost-containment initiatives, organizations continue to prioritize executive pay and new performance-based incentive strategies in order to attract, retain and engage leadership and keep pace in a world where the demand for talent outweighs supply.
Learn more from Modern Healthcare's annual executive compensation analysis, featuring data from SullivanCotter's 2018 Manager and Executive Compensation in Hospitals and Health Systems Survey and insights from Kathy Hastings, Managing Director, and Tom Pavlik, Managing Principal.
Q&A | What Comes After Physician Compensation Design?
As health care revenue sources continue to shift from volume to value and organizations take on more risk, new physician and advanced practice provider (APP) compensation strategies are emerging. The health care industry is adapting to new payment and care delivery structures with increasingly complex compensation models to match. Organizations must now consider a growing number of components when developing these plans, including recruitment, retention and engagement, patient satisfaction, access, quality of care, governmental regulations and more.
You’ve put time and effort into designing an effective physician compensation plan. How can you make your implementation equally transparent, accurate and successful?
PODCAST | Governing Health - Director Compensation in Nonprofit Health Systems
PODCAST: Governing Health - Director Compensation in Nonprofit Health Systems
In an industry that continues to undergo unprecedented change, the role of the nonprofit health system director is now more important than ever. Engaging employees at this level is a major concern as their scope of responsibility grows more complex. In a seller's market for director services, devising competitive compensation packages is critical and can be used as a key talent development, recruitment and retention tool.
In the most recent edition of the Governing Health Podcast Series, Michael Peregrine, Partner, of law firm McDermott Will & Emery, welcomes two of the leading voices on executive compensation trends and practices in health care: Ralph DeJong, Partner, McDermott Will & Emery and Tim Cotter, Chairman and Managing Director, SullivanCotter.
Higher Stakes: Boards Play Pivotal Role in Hospital Direction
As hospitals and health systems learn to navigate an increasingly consumer-driven marketplace for health care, the scope of the board's responsibility continues to expand in kind.
To help organizations align with the industry's new value-based performance goals and guidelines, trustees are now tasked with providing greater insight into emerging areas of focus such as consumer engagement, data analytics, information security and recruitment and retention.
Featured in the June 4th edition of Modern Healthcare, SullivanCotter discusses the evolution of boardroom activities from traditionally transactional into something much more complex.
In addition to overseeing executive compensation programs, boards are also taking the lead on other important issues such as cultural integration, leadership diversity, pay equity and more. Many are even diving deep into performance benchmarking and analyzing key quality metrics to help ensure alignment with and progress towards overall organizational goals.
Fundraising Talent Strategy in 2018 and Beyond
As the saying goes, you need money to have a mission. Whether through in-kind donations or the receipt of funds from public or private sources, most not-for-profit organizations rely to some degree on philanthropy to obtain the funds needed to sustain their mission.
For some not-for-profits, the fundraising professionals vital to this process are considered the lifeblood of the organization, and the loss of key talent could mean a loss of momentum and/ or continuity in donor relationships.
In developing a fundraising talent strategy for this year and beyond, consider proactive strategies to attract and retain high-performing and high-potential professionals, while also enhancing the capabilities of existing staff.
PODCAST | Governing Health - Executive Compensation Trends Update
With the new provisions set forth by the Tax Cuts and Jobs Act and recent trends associated with pay equity, the use of clawbacks and the expansion of incentive compensation goals and objectives, the governance of executive compensation remains a critical boardroom concern.
In the most recent edition of the Governing Health Podcast Series, Michael Peregrine, Partner, of law firm McDermott Will & Emery, welcomes two of the leading voices on executive compensation trends and practices in health care: Ralph DeJong, Partner, McDermott Will & Emery and Tim Cotter, Chairman and Managing Director, SullivanCotter.
CMS Star Ratings Highlight Need to Compare Performance by Hospital Type
As the marketplace for health care grows increasingly complex, organizations must develop a greater understanding of what drives performance to remain competitive.
The Centers for Medicare and Medicaid Services (CMS) recently published its newest Star Ratings, designed to measure and report hospital quality. These ratings have provoked a number of questions and concerns as more than 3,600 hospitals - regardless of size, breadth of services, or geographic location - are benchmarked against a collective average.
SullivanCotter was recently featured in a Modern Healthcare article which addresses these differences. As organizations use these ratings to help drive improvement efforts, it is important to consider the following:
- Using national benchmarks like the CMS Star Ratings can be a great way for hospitals nationwide to help drive quality improvement, but only if they understand the nuances and complexities in the data and how to best analyze it.
- Not all hospitals are the same. To truly identify areas of meaningful improvement, hospitals must be compared to like hospitals.
- Organizations cannot improve what they cannot measure, and the new CMS Star Ratings continue to provide transparency in health care quality and performance as the industry shifts from volume to value.
- To drive improvement efforts and help organizations more effectively benchmark performance against their direct peers, the market requires a standard set of national quality metrics that is stratified by hospital type.
Using CMS Star Ratings to Drive Improvement at Specialty Hospitals
As the marketplace for health care grows increasingly complex, organizations must develop a greater understanding of what drives performance to remain competitive.
While enhancing patient satisfaction, improving quality and reducing the cost of care remains the overall aim, specialty hospitals operate under a very different set of circumstances than their more mainstream counterparts.
Using national benchmarks like the CMS Star Ratings can be a great way for specialty hospitals to help drive quality improvement, but only if they understand the nuances and complexities in the data and how to best analyze it. SullivanCotter was recently featured in a Modern Healthcare article which addresses the new ratings.
Not all hospitals are alike. Specialty hospitals must benchmark themselves against their direct peers or regional competitors in order to identify areas of meaningful improvement.
Learn more about the new CMS Star Ratings in a recent article by SullivanCotter.
INFOGRAPHIC: 2017 Hospital-Based Physician Compensation and Work Effort Survey
With the demand for hospital-based physicians on the rise, organizations must understand emerging trends in compensation and clinical work effort standards that are unique to this practice setting.
Learn more and view highlights from our 2017 Hospital-Based Physician Compensation and Work Effort Survey, which includes data on 13 specialties from more than 30 different health care organizations.
INFOGRAPHIC: 2017 Advanced Practice Provider Compensation and Pay Practices Survey
The role of the advanced practice provider (APP) is changing to reflect increasing specialization and variation by practice setting as care models evolve. Hospital-based roles continue to grow, primary care practitioners are starting to function more independently, and roles in medical and surgical specialties are helping to improve patient access and efficiency of service lines.
This diversity of roles means a 'one size fits all' compensation model is no longer effective and can create obstacles to delivering high-quality and effective care.
As the demand for APPs continues to grow, compensation strategies should be tailored to align with overall provider optimization and organization strategies.
Learn more and view highlights from the 2017 Advanced Practice Provider Compensation and Pay Practices Survey.
INFOGRAPHIC: 2017 Physician Compensation and Productivity Insights
Physician Reward Strategies Evolving to Align with Performance Drivers and Organizational Goals
In a rapidly evolving health care environment, organizations are faced with a number of key industry trends affecting the way in which health care is delivered and accessed - including a growing interest in population health, physician alignment, continued industry consolidation and more. These activities are scaling the industry in unprecedented ways.
Understanding how these trends impact organizational strategies and their effect on the design of physician compensation programs, including fair market value and commercial reasonableness, is critical as hospitals and health systems nationwide continue to navigate the transition from volume- to value-based care.
