Whether you’re determining physician compensation for the first time or reassessing your existing structure, MedExec Accounting, Consulting and Development Services can help. Since 1985, we’ve offered skilled physician compensation assistance to medical practices and medical-related companies in all across the nation. Our team of experienced CPAs looks forward to meeting you and adjusting our services to fit your company. Contact us today to speak to one of our accountants for your free consultation!
The current healthcare landscape is complex and strictly regulated, making physician compensation more challenging than ever to determine. Over decades of helping medical practices understand and establish physician compensation details, we’ve come to understand how to approach our clients in every corner of the medical field, from ambulatory surgery centers to privately owned hospitals.
Our firm is a member of the Colorado Medical Management Association. As such, we have access to vital survey statistics with the experience and training to interpret the data and help your company make strategic personnel decisions centered around them.
Creating a well-organized compensation plan built around data models can make a world of difference in acquiring and retaining talent. We’ll sit down with you during your initial consultation to flesh out your company’s financial details and how physician compensation can fit your comfort level and needs. Is your plan able to hold up if you expand your operations to different groups? Will a one-size-fits-all compensation plan be competitive enough to entice physicians? We’ll help you craft plans that are financially sustainable and balance the relationship with physicians and your executive responsibilities.
A crucial component of our physician compensation services is salary benchmarking, which ensures your rates are competitive alongside your local pay market. In addition, the compensation market is constantly changing and evolving, which necessitates the need for a clear understanding of your pay performance. At MedExec Accounting, Consulting and Development Services, we utilize various methods to help us benchmark your compensation, including:
Using detailed survey statistics, we can help you better understand what compensation looks like based on geographic area, company size, and medical industry niche. As such, we’ll walk you step-by-step through your compensation model to show how it matches up and what can differentiate you from your competition. Not only will we provide you with statistics, but we’ll answer any questions you may have using straightforward language.
As part of our survey data, you’re able to see how other companies are describing their physician positions. Using this information, you can find descriptions that match what you have in mind and see what they’re offering for it. Although a majority of descriptions are generic, our CPAs will help you find the information that applies to your company’s needs.
If you have existing physician personnel on payroll, it can be easy to compare their individual-level skills to create job descriptions. However, it’s essential that you rely on the descriptions found in our benchmark data to create impartial positions that match your medical practice’s organizational requirements.
At MedExec Accounting, Consulting and Development Services, we create personalized physician compensation plans for medical practices and medical-related companies. Our firm leverages detailed compensation statistics to shape our unique compensation plan insights. We’re excited to meet you and find out how our physician compensation services fit your budget and financial goals. Call us or visit our firm in person for your free initial consultation today!
It’s understandable to have several questions about our physician compensation services. Our friendly and knowledgeable CPAs are happy to answer any of your inquiries. Some frequently asked questions include:
Yes. We can help shape your compensation budget around the need for overtime and how it can work with your budget.
Base pay is the cemented rate your physician is paid in exchange for the typical services they provide. On the other hand, variable pay is the component of employee compensation that activates when they reach a certain milestone.
We’ll work with you to determine what employee benefits fit your compensation plan best, including malpractice insurance, vacation time, retirement plans, life and disability insurance, and health insurance. Regardless of your unique budget, our CPAs will help you create a benefits package that’s enticing to potential talent.
