Our experience has shown that truly successful physician compensation plans move beyond merely dividing up a pool of money in some mechanical fashion to recognizing and rewarding desired performance.  The truly successful plans provide strong linkages between organizational goals and physician compensation to ensure the long-term sustainability of the practice.  An overarching goal of any physician compensation plan must be to operate within the framework of the organization's business plan and to ensure physicians demonstrate the requisite attitudes and behaviors that will ultimately help drive the success of the practice.

Wipfli first must understand the practice's operations and market position to build an accurate context within which appropriate performance targets can be established.  Next, a compensation plan is designed that properly considers:

• The mission, vision, and strategic and business objectives of the organization
• The provider attraction and retention plan (e.g., finding and retaining the best practitioners the market can offer)
• Rewarding superior individual and organizational performance and is affordable
• Physician accountability for the market, strategic, operating service line, and clinical performance of the organization
• The performance appraisal process 
• Implementation and administration by physician leadership and management

Wipfli’s advisors also believe another essential element in developing a successful compensation plan is physician participation.  Physicians need to be involved in all stages of the design process we have developed several unique methods that better assure the physicians' ultimate support and approval of the plans we help design.

Features

• Review of current compensation structure
• Confirmation of current structure, philosophy, and goals 
• Evaluation and recommendations for compensation methods
• Development of incentive-based formulas
• Reevaluation of compensation on a regular basis
• Comparison of compensation to industry benchmarks