Director of Physician Compensation

3 weeks ago

Richmond, United States VCU Health Full time
The Director of Physician Compensation & Analytics provides oversight and direction as well as collaborates with all School of Medicine (SoM) clinical departments to support as well as provides operations guidance to MCV Physician (MCVP) departments and administrators on physician compensation and financial accountability.

This job assists the Chief Operating Officer-MCVP in leading the execution of the health system's physician enterprise's long-term growth through the development and maintenance of the physician compensation plan. Supports key physician strategic recruitment and retention by administering, supporting, and enhancing compensation plan.

The role will work collaboratively with SoM Dean's Office Dean's office team within the Office of the Assoc Dean for Administration and Finance to manage the university academic components of MCV Physician compensation. This position will prepare for and lead discussions regarding compensation set in advance with steering committee key stakeholders including SoM Dean, MCVP President, Chief Operating Officer of MCVP, legal counsel, and advisory health system stakeholders.

This position will lead the MCVP unit responsible for data analytics and business intelligence working collaboratively with health system enterprise data analytics and will direct the activities associated with reporting data to benchmarking institutions such as Vizient, aka, FPSC, and will direct the relationship with compensation consultants such as Gallagher, aka IHS.

The Director will be accountable for directing the activities of the unit's staff in the production of compensation illustrations required each year and as new faculty enter the compensation plan, as well as monthly monitoring of performance.

Essential Job Statements
  • Manages the design, implementation, and maintenance of physician compensation programs to ensure equitable, legally compliant, and competitive pay practices.
  • Monitor and evaluate trends in physician growth utilizing ramp up reports, workforce planning models.
  • Develops and aligns strategic initiatives, pay practices, and supporting infrastructure to achieve results that align with compensation and data analytics goals established across the enterprise.
  • Serves as the subject matter expert in providing information on market trends and pay strategies that impact provider compensation.
  • Establish and maintain relationships with physician leadership, physicians, department administrators, VCUHS leadership and VCU leadership to successfully collaborate in implementing and monitoring efficient physician compensation practices.
  • Reviewing and approval, under the direction of the Chief Operating Officer all position requests for new positions, upgrades, or reallocation of positions and budgets. Manage team of physician compensation plan analyst and interface with Administrators, SoM clinical department finance team, and SoM Faculty Affairs.
  • Models and develops compensation plans for specialty groups and individual sub-specialists along with advising on best practices with MCVP and VCU SoM.
  • Responsible for overseeing high-level project-work and engaging in complex analytics pertaining to physician compensation and data analytics. Oversees the development and maintenance of databases, dashboards, and custom reports/inquiries.
  • Oversees the physician compensation analysts and serves as primary contact for external consultants.
  • Partners with executive leadership from both VCUHS and VCU SoM to determine which market surveys to participate in. Oversees interpretation of survey results to ensure MCVP's competitive position regarding benchmark jobs and the local, regional, and national markets.
  • Works proactively with executive leadership from both MCVP and VCU SoM on interpretation of existing compensation plans, including attending and leading monthly meetings, including but not limited to the physician compensation committee monthly meeting, and following up on outstanding questions/items regarding physician compensation.
  • Collaborates with MCVP and VCU SOM finance and research administration to perform financial modeling to ensure compliance with policies, regulatory requirements, enterprise mission and values, and financial constructs.
  • Keeps abreast of changes in physician compensation marketplace, including change from volume to value, and proposes changes to current physician compensation plans to keep pace with the market within legal and regulatory requirements
  • Serves as liaison to physician leadership in physician compensation design, changes, or interpretations of compensation plans or amendments and communication liaison with recruitment, operations, finance, human resources, and payroll
  • Ensures responsibility and visible commitment to diversity, equity, and inclusion programs/initiatives through collaboration and implementation of initiatives across the health system.
  • Performs other duties as assigned and/or participates in special projects to support the mission of VCUHS. Accepts alternate assignments, as required to fulfill business needs.

Patient Population

Not applicable to this position.

Employment Qualifications

Required Education:

Bachelor's degree in Business Administration, Health Care Administration or related field from an accredited program.

Preferred Education:

Advanced Degree preferred.

Licensure/Certification Required:

Licensure/Certification Preferred:

Membership in MGMA, FACHE (certification) preferred

Diversity Equity and Inclusion certification preferred

Minimum Qualifications

Years and Type of Required Experience:

Seven (7) years of relevant human resources/compensation/finance experience with a minimum of five (5) years of physician compensation experience required.

Three (3) years of previous management experience required.

Other Knowledge, Skills and Abilities Required:
  • Experience managing staff or functions in a healthcare organization
  • Excellent communicator with strong interpersonal skills and abilities
  • Highly collaborative individual with ability to build strong professional relationships
  • Understanding the organization's vision, mission, and values
  • Excellent planning, problem solving, and time-management skills
  • Proven success and experience with physician employment and physician compensation plan.
  • Demonstrate personal ownership and accountability for safety across the area of responsibility by role modeling daily key concepts of a high reliability organization as personal work habits.
  • Experience in physician billing and compliance

Cultural Responsiveness

Demonstrate a commitment to diversity, equity, and inclusion through continuous development, modeling inclusive behaviors, and proactively managing bias.

Other Knowledge, Skills and Abilities Preferred:

Preferred: Healthcare experience in academic medicine preferred.

Working Conditions

Periods of high stress and fluctuating workloads may occur.

General office environment.

May have periods of constant interruptions.

Physical Requirements

Physical Demands: Lifting/ Carrying (0-50 lbs.)

Working Position: Sitting, Walking, Standing

Additional Physical Requirements/ Hazards

Physical Requirements: Repetitive arm/hand movements

Hazards:

Mental/Sensory - Emotional

Mental / Sensory: Strong Recall, Reasoning, Problem Solving, Hearing, Speak Clearly, Write Legibly, Reading, Logical Thinking, Emotional

Emotional: Steady Pace, Able to Handle Multiple Priorities, Able to Adapt to Frequent Change

Workday Day (United States of America)

EEO Employer/Disabled/Protected Veteran/41 CFR 60-1.4.

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