PYA Principal Tynan Kugler recently authored an article published by the American Association of Provider Compensation Professionals (AAPCP). The article, “The 3Rs and Beyond–Physician Recruitment Incentive Insights,” considers current trends associated with recruitment or signing bonuses, relocation incentives, and retention bonuses when hiring physicians. Tynan notes that with staffing shortages in the medical field, hiring incentives are becoming necessary to fill critical roles, but still must remain compliant.
Article excerpt:
While hiring incentives have long been common practice and are often part of compensation packages hospitals and health systems offer physicians, the current and impending shortage of physicians, the COVID-19 pandemic, and the desire for work/life balance have elevated their impact. As in other industries experiencing similar challenges, recruitment incentives may provide opportunities to attract and retain physicians when it is otherwise difficult to do so. Revisiting an existing or developing a new incentive compensation philosophy that is creative yet compliant from a regulatory perspective could greatly contribute to the pursuit of an organization’s strategic and financial goals.
The full article was published on the AAPCP website, where it is available to AAPCP members and subscribers. View a PDF here.
The AAPCP is the leading nonprofit organization for provider compensation professionals. AAPCP members advise and lead organizations across the country on provider compensation, contracting, planning, recruitment, retention, strategy, and valuation. Membership is open to individuals in health systems, medical groups, and other healthcare organizations who work in these areas. Learn more.
If you would like additional guidance related to provider compensation, or for assistance with any matter related to fair market value, valuation, strategy and integration, or compliance, one of our executive contacts would be happy to assist. You may email them below, or call (800) 270-9629.
