Archive for March, 2014

Total Compensation

Tuesday, March 18th, 2014

William R. Pupkis, CMPE, Healthcare Consultant
Total-CompensationWith W-2 forms in the mail, now is a good time to inform your staff of the facts regarding their total compensation.  Many employees are unaware of just how much you, the employer, invest in them financially.  A total compensation statement not only shows your staff the value of the practice’s benefit package, but it also provides you with an opportunity to demonstrate the practice’s commitment to its employees.

As you compile information for the total compensation statements, remember to include all benefits, not just salary, bonuses, and health benefits.  Examples are listed below.

  • Mandatory benefits – social security (FICA), unemployment
  • Health benefits – medical insurance, dental insurance, pharmacy benefits
  • Paid time off – vacation, sick days, holidays, jury duty, bereavement, maternity/paternity   leave
  • Retirement and related income benefits – 401K, disability insurance, life insurance
  • Professional development – tuition reimbursement, professional membership dues
  • Miscellaneous benefits – bonuses, uniforms, mileage reimbursement

If you pay a portion of your employees’ health insurance costs and match a percentage of their 401K contributions, show a comparison of employer and employee distributions.  You provide these benefits to attract and keep the best possible workers.  Let your staff see the true worth of their hard work and dedication to your practice.

An Internet search of “total compensation statement” will give you a long list of companies and programs that produce these forms.  You can even find sample total compensation calculators, such as the one provided by CalcXML.

Regardless of how you choose to present this material to your employees – with color pie charts, bar graphs, or a simple list of numbers – remember to include a personalized message including the reason for distributing this information (to share with them the complete picture of their compensation package) and your thanks for their ongoing efforts toward the success of the practice (never waste an opportunity to let your employees know they are appreciated).

Terms and Conditions

Statements and opinions expressed in the Newsletter, Preferred Talk, are those of the author(s) and do not necessarily reflect those of DT Preferred Group, LLC. DT Preferred Group, LLC makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. In publishing this Newsletter, neither the authors nor DT Preferred Group, LLC are engaged in rendering medical or other professional service. If medical advice or other expert assistance is required, the services of a competent professional should be sought. DT Preferred Group, LLC will not be liable for any losses, injuries, or damages from the display or use of this information. This policy is subject to change at anytime.

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Creative Bonuses

Tuesday, March 18th, 2014

William R. Pupkis, CMPE, Healthcare Consultant

Creatiove-BonusesIt is no secret that bonuses can be a powerful employee motivator.  Generally when we think of bonuses, monetary gifts at the holidays or end of the business year come to mind.  While extra cash is always valued, an unexpected gift can have a big impact.  With a little thought and creativity, you can reward deserving employees with meaningful gestures that will be long remembered and appreciated.

First, consider why you are giving a bonus.  The reason behind the gift sends an important message.  For example, treating the staff to lunch at the end of a busy period lets employees know you appreciate their extra efforts.  Recognition of five or ten years of employment says you value an employee’s dedication to the practice.  Do you receive feedback from patients?  Acknowledging a staff member who interacts exceptionally well with clients tells the office you place importance on a positive attitude.

Next, think about the person you are rewarding.  A thoughtful gift can mean more to an employee than a lavish one.  The gesture shows you take a genuine interest in him or her.  Purchase tickets to a ball game for the sports enthusiast, a CD or concert tickets for the music lover, or movie passes for the film buff.  Your office manager may appreciate an ergonomic chair or computer monitor.  A busy nurse could enjoy a gift certificate for a relaxing massage or spa treatment.

Whether you give an additional personal day to the staff member covering extra shifts, distribute a gas card to the receptionist who is always cheerful and polite to patients, or bring coffee and bagels to the staff meeting every other Friday, letting your employees know you notice and appreciate their hard work is well worth the effort.  You’ll boost office morale and encourage continued dedication to your practice.

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Work-Ins Add-Ons

Tuesday, March 18th, 2014

William R. Pupkis, CMPE, Healthcare Consultant

work-insDealing with emergencies and working patients into your schedule are a fact of life in a medical practice.  A careful review of your appointments, however, should reveal a pattern for these “work-in” patients.  Most likely, you will find Mondays and days after a holiday or long weekend are the busiest.  If you work in a resort area, the pattern may be seasonal.

Once you have identified these hectic periods, you can begin to plan for the “unpredictable.”  If you usually have three or four work-in or emergency appointments per day, allow time for them.  For example, reserve slots at the end of your morning or afternoon hours for emergencies.  Doing so will allow you to make better use of your time and help reduce stress levels in your office.

In groups with multiple physicians, you might want to try a system of “add-ons” or AOs.  On a rotating basis, each doctor spends a block of time per day seeing all emergency and same-day referral patients.  This system can be particularly helpful for practices that care for high school or college sports teams.  When a trainer calls with an issue, he or she can immediately speak with the AO physician without disrupting the office’s schedule.

As the system grows, the AO schedule can be expanded and/or physicians can be added for peak periods.  Also, your practice can fax or email your AO schedule, with physician contact information, to your referring sources.  In a sense, your practice becomes an urgent care system, but without the need for evening hours.

Terms and Conditions

Statements and opinions expressed in the Newsletter, Preferred Talk, are those of the author(s) and do not necessarily reflect those of DT Preferred Group, LLC. DT Preferred Group, LLC makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. In publishing this Newsletter, neither the authors nor DT Preferred Group, LLC are engaged in rendering medical or other professional service. If medical advice or other expert assistance is required, the services of a competent professional should be sought. DT Preferred Group, LLC will not be liable for any losses, injuries, or damages from the display or use of this information. This policy is subject to change at anytime.

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Posted in Practice Management | No Comments »