Tip of the week: Avoid retention bonuses that pay out after a few years
Medical Staff Leader Connection, August 26, 2010
Want to receive articles like this one in your inbox? Subscribe to Medical Staff Leader Connection!
Some hospital medicine practices implement retention bonuses. For each year of service, the practice puts away a predetermined amount of money to be paid out at the end of a predetermined period of time. For example, if the practice puts away $20,000 for each year of service that is paid to the physician in a lump sum at the end of five years, there is a $100,000 motivation for the physician to stay on for at least five years. Of course, this plan begs the question, what happens at the end of five years? Does the plan guarantee turnover at the five-year mark? Many hospitalist practices would be very happy with five years of service from a physician, but this type of retention bonus is not advisable. You cannot buy loyalty because you never know when it is paid for.
This week’s tip is from Practical Guide to Hospitalist Recruitment and Retention by Kirk Mathews, MBA, and foreword by John Nelson, MD, FACP, SFHM.
Want to receive articles like this one in your inbox? Subscribe to Medical Staff Leader Connection!
Related Products
-
The Medical Executive Committee Handbook, Third Edition
Updated to reflect the new 2007 Joint Commission standards, this best-selling resource offers practical tools and strategies...
-
Medical Staff Leaders' Practical Guide, Sixth Edition
Written by experienced medical staff leaders currently working in hospitals, The Medical Staff Leaders' Practical Guide...
-
Assessing the Competency of Low-Volume Practitioners:
The Joint Commission requires that hospitals verify physician competence using performance data. Yet organizations often...
-
The Final Verdict on MS.01.01.01:
The Joint Commission has finalized and communicated the changes to MS.01.01.01. This program will not restate what you...
-
Medical Staff Briefing
This monthly resource acts as a support system by providing time-saving tools, expert advice, and analyses to help you...
Most Popular
- Articles
-
- Q/A: Volume requirement for reporting hydration services
- Featured blog post: Nurses face felony charges after reporting physician to the Texas Medical Board
- Catch up on what's new with injections and infusions
- Topic: CMS, OESS post new security compliance review information, checklist
- What does case-mix index mean to you?
- Capturing all necessary codes for IUD insertion and removal can be challenging
- News and briefs: Oklahoma Osteopathic Association against residency bill change
- QA:Coding multiple initial infusions
- OB services: Coding inside and outside of the package
- HIPAA Q&A: Level of encryption needed for email
- E-mailed
-
- Featured blog post: Nurses face felony charges after reporting physician to the Texas Medical Board
- Q/A: Volume requirement for reporting hydration services
- New conflicts of interest create new challenges
- Q&A tackles coding questions about injections and infusions
- Joint Commission Center announces handoff communication solutions
- Inside best practice: Reduce patient falls with a stoplight
- Identify modifiable risk factors to prevent patient falls
- Hospitalist-surgeon comanagement has no effect on outcomes
- Catch up on what's new with injections and infusions
- Case Management Monthly, June 2012
- Searched