Healthcare Compensation: Money Is Half the Battle
In the employment race, the far and away leader is healthcare. The healthcare hiring outlook shows that the industry will add more jobs than any other group of occupations for the foreseeable future, according to the Bureau of Labor Statistics. This steep demand for healthcare workers - fueled by the expansion of national health insurance and an aging population - is impacting healthcare compensation and competitive job offers as never before. Here are some important observations:
- It's incredibly important that hospital systems are cognizant of what's competitive based on location. As we have this mass consolidation happening within the healthcare industry; what's competitive for one specialty in one city could be different in a different city.
- Organizations that are going out and finding new healthcare grads just before graduation to bring them in as the cream of the crop are offering a little bit higher pay than usual.
- If you have someone in an administrative position who is helping you make money, you should do everything you can to retain that person. It might be a bonus -- $10,000 to $20,000. Sometimes it's a percentage -- 20 to 30 percent on top of your annual salary.
- One of the biggest trends we see right now is going above and beyond the hourly rate with add-on benefits. Sometimes they are typical compensation bonuses, startup bonuses or referral bonuses. PTO is another big one, as well as tuition reimbursement.
- To attract and retain top talent, healthcare organizations will need to offer competitive compensation and benefits. It's important to always keep in mind the large role that compensation and perks play in a professional's job satisfaction. In addition, supporting career growth and work-life balance, as well as providing training and certification support, is important.
5 Healthcare Talent Screening Best Practices
The healthcare industry is one of the most complex and highly regulated, which means employers have a greater responsibility to ensure a safe workplace environment not just for their own staff, but also for patients. The past decade has seen advancements in technology and best practices for the industry, with the Affordable Care Act (ACA) placing greater emphasis on quality of care and patient safety. Industry regulators have provided updated guidance and newer technologies have allowed leading organizations and systems to improve the efficiency of their screening efforts. As you review your healthcare organization's talent screening processes, consider the following key areas as you search for opportunities for improvement:
- Monthly Exclusion Screening: The New Gold Standard,
- Automated Digital Healthcare License Monitoring,
- Thorough Random Drug Testing Programs,
- Ongoing Screening: Annual Criminal Re-Checks and
- Streamlining I-9s with an Electronic System.
Why Compensation for Some Medical Specialties is in Decline
Compensation for radiology and some other specialties has declined in the past two years, salary data shows. Among the reasons: The competitive market for telemedicine in radiology "has gone bananas." For the most part, physicians and other high-level clinicians in primary and specialty care are seeing robust compensation increases, according to Merritt Hawkins. Medical doctors in the Midwest, in particular, enjoy among the highest annual average wages. Nationally, however, physicians in certain specialties are seeing drops in compensation. What's going on?
10 Reasons Why Some Doctors Earn More (Even in the Same Specialty)
As most physicians know, there are wide variations in payment among colleagues even in the same specialty. Much of this gap can be explained by age differences, in that older doctors have been able to accumulate wealth. But there are many intriguing reasons why some physicians within the same specialty are considerably better off financially than their colleagues. Here are 10 of them:
- Being a Valuable 'Rainmaker' in an Organization,
- Moving Into Administration,
- Seeing More Patients,
- Working in a Large Practice,
- Avoiding Low-Paying Practice Venues,
- Carving Out New Niches,
- Moving Your Practice,
- Expanding Ancillary Services, and
- Being Better and More Aggressive at Negotiating Salary and Promotions.
47th Semi-Annual ASHHRA/IRI Labor Activity in Health Care Report
The 47th Semi-Annual ASHHRA/IRI Labor Activity in Health Care Report includes An analysis of national, regional and state representation petitions and elections (RC, RD and RM) as reported by the National Labor Relations Board (NLRB) during 2015 and 2016, AND The Labor Law/Activity Update, which includes articles written by labor experts about relevant and timely labor issues impacting employers and the workplace.
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SHRM17 ANNUAL CONFERENCE AND EXPOSITION
June 18 - 21, 2017
New Orleans, LA
ASHHRA 53rd ANNUAL CONFERENCE AND EXPOSITION
Partnering Across the Continuum of Care
The Changing Role of Healthcare Human Resources
September 16 - 19, 2017
2017 SHHRPP CONFERENCE
October 12 - 13, 2017
State College, PA
63rd ANNUAL EMPLOYEE BENEFITS CONFERENCE
Sponsored by Int'l Foundation for Employee Benefit Plans
October 22 - 25, 2017
Las Vegas, NV
SHRM EMPLOYMENT LAW & LEGISLATIVE CONFERENCE
March 12 - 14, 2018
Featured Webinar: Structuring and Auditing Physician Employment Agreements: Stark Law Considerations
Tue, August 8, 2017
10:00 am - 11:00 am PDT
The webinar will provide an overview of the Stark Law, including its 2016 changes. He will also discuss best practices for negotiating and drafting employment agreements on behalf of health systems, hospitals, medical groups and physician practices. The webinar will focus on regulatory requirements, key provisions, valuation considerations and potential pitfalls that should be avoided.