The survey data used to calculate the example range above is based entirely on cash compensation W-2 compensation and does not take into account fringe benefits i. In this situation, a market-average rate per wRVU may not be financially sustainable to the organization. Be up-front regarding your benefit structure and value in your discussions with physicians, particularly physicians you are acquiring from independent practice, as many do not have the robust benefit structure that a health system or hospital offers.
Often organizations make the mistake of focusing solely on the value of salary and bonuses and not the benefits which have real value too.
A proper analysis must determine how other practice expenses compare to relevant benchmarks. If other expenses such as practice staffing, building expense, or administration expense are higher than expected, this will put downward pressure on physician rates per wRVU. If this is true, the level of revenue that can be generated by the practice is affected in a downward manner.
This too must be evaluated and considered when searching for the right compensation rate per wRVU. At the very least, this must be acknowledged and expected. In addition to the above factors, an organization must incorporate local market knowledge into the process of determining rates. Recruiters and providers may often have insight into rates and offers made by other organizations in the market or region.
These insights are more specific than national survey data and should be considered when determining an appropriate physician compensation rate structure. We often see clients forced into rates and compensation offers that require them to push the limits of what they want to do, but they feel they have to or risk losing valued physicians, or risk not being able to hire new physicians.
HSG partners with employed physician networks across the country to implement this type of analysis and move towards sustainable subsidies through performance improvement plans while offering Fair Market Value Opinions.
For more information, contact Eric Andreoli or Neal Barker. RVUs account for three things: 1 expenses to the practice, 2 the actual work being performed by the provider, and 3 the cost of malpractice the smallest component.
Every type of encounter is assigned an RVU value by Medicare. Procedures are also assigned RVU values. These values are not affected by their reimbursements, and they cannot be amended by employers. They are meant to be representative of the work involved in providing that care. Clinicians who are expected to produce a large volume of RVUs per year are often paid purely by production, without a guaranteed base salary. This is common in dermatology practices where clinicians are producing 6,, RVUs per year.
My personal preference and recommendation for most clinicians is that they always negotiate a fair base salary to ensure a minimum level of income. Consider this a sort of retainer, e. In my opinion, again, a production bonus should be just that—a bonus that incentivizes one to go above and beyond minimum expectations. If the latter model is utilized, the next step is to determine your compensation per RVU and the threshold at which you start to earn the production bonus.
Information on base salary is much easier to find than what an individual RVU is worth, and there is great variability in how different providers are compensated. I also have these suggestions: Examine your payers' fee schedules to confirm the problem use the spreadsheet that can be downloaded from the box. Discuss the problem with your insurers' provider relations representatives.
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