Three PYA executives, Tampa Office Managing Principal Angie Caldwell, Senior Manager Derek Long, and Senior Consultant Kristina McClelland, recently authored an article published by the American Association of Provider Compensation Professionals (AAPCP). The article, “Playing Offense: Using Compensation Design and Strategy to Retain Hospital-Employed Primary Care Physicians,” discusses a trend of primary care physicians migrating to private practice and presents strategies hospitals can take to combat the trend. The authors offer a three-play game plan to help hospitals retain primary care physicians through incentives, culture, and employment rationale.
In the article, Caldwell, Long, and McClelland state:
Based on numerous discussions and projects with hospitals across the country over the last two years, PYA believes the migration of hospital-employed primary care physicians to private practice may be starting to increase in certain markets. Our observations have revealed several factors contributing to this shift, including but not limited to competitive and more creative compensation models, attractive benefits packages, and greater flexibility in work schedules and decision-making. To retain their employed primary care physician panel, hospitals must “play offense for good defense” and implement new ideas that make the hospital employment model more attractive….Creating innovative value-based incentives, focusing on a culture of combating burnout, and presenting effective reasons for employment can be useful strategies to help hospitals retain a critical part of their organization.
The full article was published in the May 9, 2023, issue of the AAPCP Bulletin, where it is available to AAPCP members and subscribers. View a PDF of the article here.
The AAPCP is the largest nonprofit organization in the country devoted to provider compensation, contracting, and alignment. The organization’s members advise and lead organizations on provider compensation, contracting, planning, recruitment, retention, strategy, and valuation.
For additional guidance related to provider compensation design or any matter related to fair market value compensation, valuation, compliance, or strategy and integration, one of our executive contacts would be happy to assist. You may email them below or call (800) 270-9629.
