Compensation for providers is not a one-size-fits-all approach.
We understand that creating provider compensation models that reward volume, value, and ownership is not a one-size-fits-all approach in today's dynamic ophthalmology, plastic surgery, dermatology, and aesthetic medicine practices. These unique nuances require provider compensation models that thoughtfully balance the needs of the business, its revenue producers, and its practice owners. That's where we can help.
We find that many practices approach income distribution discussions with the expectation that the chosen system will last in perpetuity. In reality, most compensation systems are amended in less than three to five years. This is why we believe practices should not feel compelled to devise an all-encompassing compensation system that tries to anticipate all possible future changes in the practice environment. Rather, an enduring compensation system should:
- Have sufficient flexibility for future revisions
- Meet reasonable practice needs for the next several years
- Avoid scenarios for internal conflict
- Be considered fair by all parties
We'll help you tackle these unique business challenges together.
We can help customize the right compensation model and structure based on practice needs — whether it's to bring a young physician into the practice or consider a complex business transaction like a practice sale. Using our industry expertise, we can rework existing plans or build new plans from the ground up, while simultaneously balancing individual provider needs with overall practice goals.
Compensation Model Development
Develop compensation models for newly employed physicians and mid-level providers.
Income sharing models
Create and refine income sharing models for partners within a group practice.
Group Practice Models
Promote shared accountability and encourage productivity through customized compensation models in group practice settings.
Multiple Sub-specialties Models
Determine the appropriate compensation approach for groups with multiple sub-specialties.
Trend and Benchmarking Tracking
Provide input on industry trends and benchmarks related to provider productivity and compensation.
"BSM's approach is to help partners understand the ramifications and pros and cons of the different types of compensation models available to practices."
Derek Preece, Former Senior ConsultantBSM Consulting