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.
U.S. Bank Podcast Ad
Cash flow challenges like delayed insurance payments, unpaid patient bills, and rising administrative costs can weigh heavily on medical practices. U.S. Bank understands. That’s why their Business Card Consultants work with practices to improve payment strategies and maximize rewards.
Stop by booth #222 at the MGMA Leaders Conference to learn more, or visit usbank.com/bankerconnect to schedule an on-site meeting with a consultant.
MGMA Analytics Podcast Ad
Are your decisions driven by gut instinct—or by real data? With MGMA Analytics, you’ll have the benchmarking and business intelligence tools to guide smarter strategies. From provider compensation to operational costs, MGMA Analytics delivers the industry’s most trusted data. So whether you’re adjusting staffing, setting salaries, or planning for growth, you can make your next move with confidence. Learn more at mgma.com/analytics.
NotifyMD Podcast Ad
This episode is brought to you by NotifyMD — the patient access solution built for healthcare professionals. You work hard to care for your patients, and NotifyMD helps you do just that. Their communication experts handle calls, schedule appointments, provide nurse triage, and more — all available 24/7. NotifyMD integrates seamlessly with platforms like athenahealth and Epic and meets the industry’s highest security standards, so you can trust that patient information stays private and protected. Learn more at notifymd.com.
This episode is brought to you by NotifyMD — the patient access solution built for healthcare professionals. You work hard to care for your patients, and NotifyMD helps you do just that. Their communication experts handle calls, schedule appointments, provide nurse triage, and more — all available 24/7. NotifyMD integrates seamlessly with platforms like athenahealth and Epic and meets the industry’s highest security standards, so you can trust that patient information stays private and protected. Learn more at notifymd.com.
U.S. Bank Podcast Ad
Cash flow challenges like delayed insurance payments, unpaid patient bills, and rising administrative costs can weigh heavily on medical practices. U.S. Bank understands. That’s why their Business Card Consultants work with practices to improve payment strategies and maximize rewards.
Stop by booth #222 at the MGMA Leaders Conference to learn more, or visit usbank.com/bankerconnect to schedule an on-site meeting with a consultant.
MGMA Analytics Podcast Ad
Are your decisions driven by gut instinct—or by real data? With MGMA Analytics, you’ll have the benchmarking and business intelligence tools to guide smarter strategies. From provider compensation to operational costs, MGMA Analytics delivers the industry’s most trusted data. So whether you’re adjusting staffing, setting salaries, or planning for growth, you can make your next move with confidence. Learn more at mgma.com/analytics.
