Fair market value: Determine reasonable compensation packages to avoid legal trouble
Medical Staff Briefing, May 1, 2009
This is an excerpt from a member only article. To read the article in its entirety, please login or subscribe to Medical Staff Briefing.
As physicians and hospitals consider alternatives to the traditional self-governed medical staff, such as exclusive contracts and physician employment, it?s fair to say that hospital leaders who are responsible for determining physician compensation will be walking a fine line called fair market value (FMV). There is no single equation hospitals can use to pinpoint FMV for all paid physician relationships, but you can come up with reasonable, defensible numbers if you do your research. To ensure compliance with FMV standards, rather than focusing on finding the perfect answer, hospitals should develop a systematic approach for determining FMV for physician contracts and employment agreements, says Daniel Stech, MBA, CMPE, executive director of innovation at The Pinnacle Group, a healthcare consulting firm based in Denver. This, of course, requires leadership involvement. ?Anyone who is negotiating relationships with physicians, be that the CEO or the CMO, needs to understand current FMV issues,? says Stech.
This is an excerpt from a member only article. To read the article in its entirety, please login or subscribe to Medical Staff Briefing.
Related Products
-
Medical Staff Briefing
This monthly resource acts as a support system by providing time-saving tools, expert advice, and analyses to help you...
-
Tools and Strategies for an Effective Hospitalist Program
A complete soup-to-nuts guide, this book and CD-ROM set provides proven forms, schedules, and tools you need to effectively...
-
Practical Guide to Hospitalist Recruitment and Retention
Practical Guide to Hospitalist Recruitment and Retention is a book and CD-ROM set that provides proven strategies from a...
-
The Hospital Executive's Guide to Physician Staffing
This insightful, data-rich resource outlines proven strategies for determining community physician need and fulfilling those...
-
The Greeley Guide to Physician Employment and Contracting
Attract high-quality physicians and enhance physician-hospital relations with the help of The Greeley Guide to Physician...
Most Popular
- Articles
-
- HIPAA Q&A: Flu shot requirement for hospital employees
- Running an effective peer review committee meeting
- HealthDataInsights posts new issues for medical necessity claims
- Sneak Peek: Effort underway to establish caseload benchmarks
- Q/A: Coding for telescopic intraocular lens
- New FAQ posted on storing laryngoscope blades
- Tip: Perform your own internal investigation prior to government audit
- HIPAA 5010 deadline extended, but threat remains, says AMA
- HHS task force: Consider privacy, security with text messages
- What does case-mix index mean to you?
- E-mailed
-
- Running an effective peer review committee meeting
- HIPAA Q&A: Flu shot requirement for hospital employees
- HHS task force: Consider privacy, security with text messages
- What does case-mix index mean to you?
- Q/A: Coding for telescopic intraocular lens
- Q/A: Correct use of modifier -PT
- Tip: Correctly code bilateral pain management procedures
- "Wall fountains" may be spreading Legionnaires to patients, visitors
- 2012 CPT code changes for ASCs: Shoulder and knee scopes and pain management
- Case Management Monthly, March 2012
- Searched