Value-based compensation is on the rise, but productivity still reigns supreme, according to the Physicians Practice 2013 Physician Compensation Survey.
Thirty-three percent of 1,474 physicians and staff surveyed said a portion of their compensation is tied to value (quality and cost of care provided) with 8.5 percent of that group saying this was the only factor in their pay. Additionally, 24 percent of respondents said patient satisfaction is tied to a portion of their compensation.
Nonetheless, 28 percent of respondents said they were paid based on productivity alone, while another 37 percent reported that productivity affected a portion of their pay.
Regardless of the structure of their compensation plans, 54 percent described their income levels as "disappointing." This figure is the same as it was in the 2012 survey, but 5 percent higher than it was in 2011.
Accompanying coverage on how practices can boost their compensation included the following advice:
- Become leaner and more efficient at providing care;
- Leverage claims-clearinghouse technology to ensure services are covered in advance;
- Nurture referral relationships;
- Optimize the use of nonphysician practitioners;
- Consider adding ancillary services (26 percent of respondents revealed they had done so); and
- Explore new payment models
To learn more:
- check out the survey and article from Physicians Practice