The Challenge
American hospitals are facing a financial crisis. The escalation of “physician spend,” which includes call pay, directorship pay, and the emergence of employment arrangements, has become unsustainable at a time when attracting and retaining physician talent has never been more competitive. Dealing with financial pressures beyond their control, hospitals are left trying to untangle the complexities surrounding physician spend and regain footing in an increasingly competitive market.
Rural and community-based hospitals are particularly at risk. A recent survey by Navigant found that 21% of rural facilities were under risk of closing unless their financial situation improves. In an attempt to solve these issues, hospitals are searching for more sustainable ways to reward and retain their physicians.
Our Solutions
At MaxWorth, we believe the key to financial stability is to implement programs that control the cost of physician spend. This is achievable with the use of attractive benefit programs that create sustainability through the use of proper funding vehicles. Since effective benefit programs have proven to improve retention, revenue, and productivity, there are also inherent financial advantages that aid in offsetting the cost of additional bonuses and rewards.
Practice Transition Strategies
Physician Employment Strategies
Want to Learn More? Read our latest white paper.
Read our latest white paper, The Call Pay Solution: Stabilizing budgets with a fair and sustainable approach, to learn how MaxWorth uses a unique process to help hospitals become more financially stable.
