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.
Zoll Data Systems
This podcast is brought to you by ZOLL Data Systems software and data solutions for healthcare financial professionals. ZOLL A-R Boost is the comprehensive, automated R-C-M optimization solution suite that automatically finds, corrects, and verifies patient and payer information to capture more revenue, reduce administrative burden, and improve the patient financial experience. The #1 Black Book rated Insurance Discovery tool can discover active, billable coverage for more than 40% of claims. Visit www.ZOLLData.com/A-R Boost to learn about the complete solution suite.
MGMA Analytics
In the ever-changing world of healthcare, it's important to leverage data to make informed decisions and quick adjustments to your business, especially regarding your revenue cycle strategy and operations. MGMA Analytics is an advanced cloud-based analytics tool that delivers immediate access to real-time business insights derived from your internal financial, operational and telehealth data, which you can use to keep your practice running at optimal performance. Visit https://www.mgma.com/analytics to learn more.
This podcast is brought to you by ZOLL Data Systems software and data solutions for healthcare financial professionals. ZOLL A-R Boost is the comprehensive, automated R-C-M optimization solution suite that automatically finds, corrects, and verifies patient and payer information to capture more revenue, reduce administrative burden, and improve the patient financial experience. The #1 Black Book rated Insurance Discovery tool can discover active, billable coverage for more than 40% of claims. Visit www.ZOLLData.com/A-R Boost to learn about the complete solution suite.
MGMA Analytics
In the ever-changing world of healthcare, it's important to leverage data to make informed decisions and quick adjustments to your business, especially regarding your revenue cycle strategy and operations. MGMA Analytics is an advanced cloud-based analytics tool that delivers immediate access to real-time business insights derived from your internal financial, operational and telehealth data, which you can use to keep your practice running at optimal performance. Visit https://www.mgma.com/analytics to learn more.
