Ask An Advisor: Best Practices for Sign-On and Retention Bonuses
Download MP3In this episode of MGMA's Ask An Advisor podcast, we feature Senior Advisor Cristy Good talking about best practices for building out sign-on and retention bonuses at medical practices.
MGMA Resources discussed:
MGMA Stat on Bonuses: https://www.mgma.com/mgma-stats/after-a-year-of-pandemic-tumult-medical-practices-consider-bonuses-to-attract-top-talent
MGMA Stat on Nurse Recruitment: https://www.mgma.com/mgma-stats/nurse-recruitment-and-hiring-after-the-great-resignation-still-a-major-challenge
More Resources:
Labor Market: https://www.shrm.org/resourcesandtools/hr-topics/compensation/pages/employers-rely-on-incidental-bonuses-amid-tight-labor-market.aspx
SHRM: https://www.shrm.org/resourcesandtools/hr-topics/compensation/pages/incidental-bonuses-alternative-rewards.aspx
AAFP: https://www.aafp.org/pubs/fpm/issues/2022/0500/p5.html
Investopedia on Retention: https://www.investopedia.com/terms/r/retention-bonus.asp
Retention and Bonuses: https://www.workhuman.com/blog/retention-bonus-agreement/
HBR on Bonuses: https://hbr.org/2023/02/do-retention-bonuses-pay-off
SPONSOR:
PDS (Practice Data Solutions):
Unlock the full potential of your healthcare data with Practical Data Solutions! Benchmarks take on new meaning when blended with Key Performance Indicators like Expense, Productivity, Scheduling and Patient satisfaction data. Optimize your reporting to make better decisions with PDS analytics. Discover how at https://pds-online.com/
WE WANT TO HEAR FROM YOU
Let us know if there's a topic you want us to cover or an expert you would like us to interview. Email us at podcasts@mgma.com.
If you have opportunities and resources you'd like to share with MGMA members, go to Marketing with MGMA to find out how you can connect with the MGMA audience.
In this episode of MGMA's Ask An Advisor podcast, we feature Senior Advisor Cristy Good talking about best practices for building out sign-on and retention bonuses at medical practices.
MGMA Resources discussed:
MGMA Stat on Bonuses: https://www.mgma.com/mgma-stats/after-a-year-of-pandemic-tumult-medical-practices-consider-bonuses-to-attract-top-talent
MGMA Stat on Nurse Recruitment: https://www.mgma.com/mgma-stats/nurse-recruitment-and-hiring-after-the-great-resignation-still-a-major-challenge
More Resources:
Labor Market: https://www.shrm.org/resourcesandtools/hr-topics/compensation/pages/employers-rely-on-incidental-bonuses-amid-tight-labor-market.aspx
SHRM: https://www.shrm.org/resourcesandtools/hr-topics/compensation/pages/incidental-bonuses-alternative-rewards.aspx
AAFP: https://www.aafp.org/pubs/fpm/issues/2022/0500/p5.html
Investopedia on Retention: https://www.investopedia.com/terms/r/retention-bonus.asp
Retention and Bonuses: https://www.workhuman.com/blog/retention-bonus-agreement/
HBR on Bonuses: https://hbr.org/2023/02/do-retention-bonuses-pay-off
SPONSOR:
PDS (Practice Data Solutions):
Unlock the full potential of your healthcare data with Practical Data Solutions! Benchmarks take on new meaning when blended with Key Performance Indicators like Expense, Productivity, Scheduling and Patient satisfaction data. Optimize your reporting to make better decisions with PDS analytics. Discover how at https://pds-online.com/
WE WANT TO HEAR FROM YOU
Let us know if there's a topic you want us to cover or an expert you would like us to interview. Email us at podcasts@mgma.com.
If you have opportunities and resources you'd like to share with MGMA members, go to Marketing with MGMA to find out how you can connect with the MGMA audience.
CareCredit
Are your patients concerned about out-of-pocket costs? Is your practice looking for a way to help address those concerns and improve the patient experience? Then, you may want to consider offering the CareCredit credit card as a payment option. For over thirty-five years, CareCredit, a Synchrony solution, has been offering patients a way to pay for health and wellness expenses not covered by insurance. CareCredit can seamlessly integrate with your business and offer a valuable financing option for your patients so they can pay for services or products over time to help fit their budget. To learn more about how CareCredit works for you and your patients, visit www.carecredit.com/mgmapodcast.
NextGen
Looking to transform your healthcare practice with AI? NextGen Healthcare is leading the way by leveraging artificial intelligence. It is helping practices improve efficiency, streamline workflows, and enhance patient outcomes. From predictive analytics to automating routine tasks, NextGen Healthcare's AI solutions are revolutionizing the delivery of care. Don't miss out on the future of healthcare innovation. Visit https://www.nextgen.com/ today to learn how NextGen Healthcare can help you drive efficiency and elevate patient care.
Are your patients concerned about out-of-pocket costs? Is your practice looking for a way to help address those concerns and improve the patient experience? Then, you may want to consider offering the CareCredit credit card as a payment option. For over thirty-five years, CareCredit, a Synchrony solution, has been offering patients a way to pay for health and wellness expenses not covered by insurance. CareCredit can seamlessly integrate with your business and offer a valuable financing option for your patients so they can pay for services or products over time to help fit their budget. To learn more about how CareCredit works for you and your patients, visit www.carecredit.com/mgmapodcast.
NextGen
Looking to transform your healthcare practice with AI? NextGen Healthcare is leading the way by leveraging artificial intelligence. It is helping practices improve efficiency, streamline workflows, and enhance patient outcomes. From predictive analytics to automating routine tasks, NextGen Healthcare's AI solutions are revolutionizing the delivery of care. Don't miss out on the future of healthcare innovation. Visit https://www.nextgen.com/ today to learn how NextGen Healthcare can help you drive efficiency and elevate patient care.
