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Manager of Physician Compensation
3 months ago
Manager of Physician Compensation
HIGHLIGHTS
Location: Chicago, IL - Hybrid role
Position Type: Contract - 6+ months or longer (Possibility of extension or conversion to a FTE)
Hourly / Salary: Based on experience ($130K - $165K)
Residency Status: US Citizen
Our client is looking for a Manager of Physician Compensation to join their team
Position Summary
The Manager of Physician Compensation for our client is responsible for designing, implementing, and managing physician compensation programs to ensure they are competitive, equitable, and aligned with organizational goals. The role involves performing detailed quantitative and qualitative analyses of healthcare and financial data to support compensation program management across various roles in care delivery. The Manager will collaborate with leadership to refine compensation strategies, assemble incentive programs, and ensure compensation models incentivize productivity and align with both financial objectives and market standards
Primary Functions
- Lead the design, implementation, and ongoing administration of physician compensation plans, ensuring they are competitive and align with the organization's strategic goals.
- Develop and maintain analytical materials that support leadership in reaching a consensus on compensation philosophy and strategy.
- Provide recommendations on compensation models and metrics that drive physician productivity and performance.
- Perform detailed quantitative and qualitative analyses of healthcare and financial data to support compensation program management.
- Conduct ongoing market analysis to ensure physician compensation is within fair market value, adjusting compensation structures as necessary to maintain competitiveness.
- Manage the financial aspects of physician contracts, including performing monthly and annual incentive calculations to ensure alignment with approved compensation agreements.
- Develop key performance indicators (KPIs) and dashboards to monitor and report on monthly, quarterly, and annual performance targets.
- Utilize advanced analytics tools, such as Tableau and other business intelligence systems, to automate and populate dashboards with relevant data for performance monitoring.
- Collaborate with shared services departments (Revenue Cycle, HR Strategy, Managed Care, UCPG, BSD) to gain consensus on compensation strategy and implementation.
- Actively participate in leadership meetings and physician compensation committee discussions, presenting data and insights to drive decision-making.
- Directly manage compensation resources, providing guidance in the design and administration of incentives and margin share programs.
- Conduct annual reviews of market data and communicate updated compensation ranges to leadership.
- Ensure that all compensation practices comply with internal policies, legal requirements, and industry standards.
- Maintain confidentiality and integrity when handling sensitive compensation data, ensuring that all decisions are compliant with federal and state regulations.
- Stay current on best practices and emerging trends in physician compensation by engaging with professional publications, attending seminars, and participating in relevant training.
- Promote the sharing of knowledge and information with staff during team meetings, fostering a culture of continuous learning and improvement.
Required Skills
- Advanced proficiency in financial analysis, compensation modeling, and database management, with a strong command of spreadsheet and database programs.
- Excellent written and oral communication skills, with the ability to present complex financial data to diverse audiences.
- Strong relationship-building skills, with the ability to work collaboratively across departments and with senior leadership.
Required Qualifications
- Bachelor’s degree in accounting, finance, business administration, or a related field. A master’s degree or relevant certification (e.g., CPA, CCP) is preferred.
- Minimum of five years of progressively responsible analytical experience in healthcare or a comparable environment, with specific experience in physician compensation.
- Demonstrated experience with hospital or academic medical center physician compensation analytics and governance.
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