The Let’s Talk Compliance partnership between PYA and Foley & Lardner continues with a new podcast in the Let’s Talk Compliance series. The podcast, “Physician Compensation Plans and Trends of 2024,” was posted on Nov. 21, 2024.
Angie Caldwell, PYA Principal and Tampa Managing Principal, co-hosts the episode with Jana Kolarik, a Partner in Foley’s Health Care Practice Group. They discuss current trends in physician compensation and share tips for setting a solid foundation for compensation planning.
Caldwell and Kolarik offer recommendations for initiating a compensation plan: implement guardrails in the form of compliance policies; conduct robust internal communication with physicians; operationalize the plan with transparent contracts; and manage the reconciliation (clawback) process with no surprises.
Compensation plan best practices are achieved by embedding policies into the plan at the beginning and ensuring agreements are legally compliant and operationally sound. Best practices are also attained by addressing commercial reasonableness, determining fair market value, and properly executing and tracking the plan.
Caldwell and Kolarik define and discuss the complexities of compensation stacking and the need for organizations to understand the proper recording of work relative value units and assessment of fair market value and survey data to determine total stacked compensation.
They add documenting the compensation policy and plan and communicating regularly are essential for compliance, relationship-building, and transparency.
The Let’s Talk Compliance podcast series is for healthcare leaders and compliance professionals, as well as providers, suppliers, vendors, and others in the healthcare industry. In each episode, a Foley & Lardner attorney and a PYA advisor discuss a trending compliance topic and address questions they hear most often from clients.
The podcast is part of Foley & Lardner’s Health Care Law Today series. Listeners can subscribe to both series on Apple Podcasts, Spotify, or their preferred podcast app. All episodes of Let’s Talk Compliance also can be found on the PYA website.
Learn more:
Learn about PYA’s compensation valuation services.
Read PYA’s infographic that outlines elements for effective provider compensation plan and design.
If you would like assistance with provider compensation planning or any other matter related to provider compensation, compliance, regulatory requirements, strategy, or transactions, our executives would be happy to assist.
