The Chicken or The Egg Question of Compensation Planning
Which comes first, the compensation plan design or a technical solution to administer it?
Ultimately, it's only with a
technology solution that
complements the
compensation plan design
that health systems can
truly leverage the full
power of their resources.”
HAUPPAUGE, NEW YORK, UNITED STATES, December 1, 2020 /EINPresswire.com/ -- In the absence of robust administrative capabilities, even the most sophisticated and well-designed provider compensation plan will be limited in its effectiveness and ability to achieve organizational goals for healthcare organizations.— Dave Butcher, SVP Hallmark Health Care Solutions
Ongoing compensation planning is the new normal for health systems in today’s market. Sometimes organizations face specific changes necessitating an overhaul, like acquiring a new practice or adding a new specialty.
More often, organizations simply tinker with their plans over time to ensure the mechanics of the pay models continue to align with business objectives or to accommodate contractual agreements with newly hired providers. Regardless, compensation design has turned into a perpetual development process.
What many health systems overlook, however, is that compensation planning has two distinct components equally critical to the overall success and health of a compensation program.
1: The most obvious dimension is the strategy and modeling that underlie the compensation plans themselves.
2: The more often overlooked or underappreciated dimension is the technical administration of those plans.
This second component is just as critical to success as the first. However, for most organizations, this plan administration component means a cobbled-together management process that includes spreadsheets, PDF files, and even handwritten notes, while a team of admins must manually pull and copy data from any one of numerous data systems (like contract management, HR, and Payroll) into other systems.
But if there are two distinct elements, both equally critical, how do you know which one should come first? More specifically, where should the technical piece fit into the process alongside the strategy piece? Those are the questions this paper will address.
To read the remainder of the paper click to follow the link below.
https://heisenbergii.com/downloads/heisenberg-2-chicken-egg-compensation-planning-whitepaper.pdf
Dave Butcher
Hallmark Health Care Solutions
+1 856-231-5340
email us here
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