Director of Physician Compensation
2 weeks ago
Penn Medicine is dedicated to our tripartite mission of providing the highest level of care to patients, conducting innovative research, and educating future leaders in the field of medicine. Working for this leading academic medical center means collaboration with top clinical, technical and business professionals across all disciplines.
Today at Penn Medicine, someone will make a breakthrough. Someone will heal a heart, deliver hopeful news, and give comfort and reassurance. Our employees shape our future each day. Are you living your life's work?
Department: Regional Physicians Administration
Entity: Penn Medicine Medical Group
Location: 150 Monument Road, Bala Cynwyd, PA 19004
Shift: Day
Summary:
- Reporting to the SVP, PMMG Regional Practices, the Director of Physician Compensation will lead a team of physician compensation and finance professionals, providing strategy, planning and consultation related to complex compensation plans and contract management across PMMG Regional Practices.
- Responsible for designing, researching, developing, modeling, recommending, reconciling, and maintaining the compensation plans for physicians across Penn Medicine Medical Group Regional Practices. This position will utilize and research compensation surveys and best practice compensation strategies and methods to determine fair market salaries. Productivity measures, by practice, will be collected, reported and used to calculate variable pay.
- Responsible for providing consultation to Senior Management and Physician Recruitment on salary offers and compensation plans. Partners closely with Finance, Operational leaders, Provider Recruitment, Corporate Compensation and Physician Leadership to align Provider Compensation plans and strategies.
Create a plan for strategic review and development of compensation plans using best practice methodologies and adhering to the Penn Medicine Medical Group Regional Practices Compensation Philosophy, which includes:
- Alignment in philosophy and components by specialty.
- Balance in plan design and risk/reward combinations.
- Simplicity and transparency to foster engagement with clinicians.
- Sustainability through fiscal responsibility and preparation for changing environments.
- Streamline and create consistent approach to compensation reconciliation and plan modifications.
- Direct the development and maintenance of all physician compensation and employment contracts, including a detailed database of specific incentive programs, renewal terms, FTE allocations, and other applicable compensation provisions provided in employment agreements.
- Maintain central database of all of the compensation models and plan documents.
- Act as a consultant and liaison with compensation committees, Business Development, external consulting firms, and AVP of Corporate Compensation, as needed.
- Ensure guidelines, as established under the Physician Compensation Program Plan Document, are followed. Responsible for maintenance and revisions of Plan Documents, as necessary.
- Evaluate and recommend salaries for role changes or FTE adjustments, outside engagements, and compensation plan for external candidates. Liaise to ensure contract addendums reflect any changes.
- Research and analyze physician group market data and select appropriate aligned benchmarks comparable to Penn Medicine Medical Group Regional Practices, including geographic and specialty specific differences. Align benchmarks across PMMG Regional Practices.
- Utilize and participate in recognized physician compensation surveys, including but not limited to Sullivan-Cotter, MGMA, Hay, Clark's, and HCS.
- Help standardize the Fair Market Value (FMV) process with the compensation function
- work with Physician Recruitment team to provide guidance on proformas, compensation offers, and contract renegotiations based on FMV.
- Provide consultation to Senior Management on market data for physicians and ensure Penn Medicine Medical Group is adhering to Safe Harbor guidelines and fair market value.
- Work with designated legal and Provider Services teams to ensure contracts reflect updates to compensation plans and FTE allocations, inclusive of contract renegotiations.
- Work in close partnership with Corporate Compensation, Hospital Leadership, Human Resources, Operations, and Finance to represent PMMG Regional Practices.
- Certified Compensation Professional Preferred
Required Skills and Abilities:
X COMMUNICATION: Ability to express technical information clearly and simply to non-technical persons
X COMMUNICATION: Ability to work effectively with a range of business, clinical, and academic leaders
X Excellent and fluid understanding of the wRVU measurement (productivity).
X Understanding of physician relationships.
X Computer literacy and aptitude for word processing and Excel spreadsheet design.
X Excellent analytical and written and verbal communication skills.
X Attention to detail, accuracy and urgency in meeting deadlines.
Preferred Experience:
X Medical coding experience.
X Knowledge of hospital billing systems.
We believe that the best care for our patients starts with the best care for our employees. Our employee benefits programs help our employees get healthy and stay healthy. We offer a comprehensive compensation and benefits program that includes one of the finest prepaid tuition assistance programs in the region. Penn Medicine employees are actively engaged and committed to our mission. Together we will continue to make medical advances that help people live longer, healthier lives.
Live Your Life's Work
We are an Equal Opportunity and Affirmative Action employer. Candidates are considered for employment without regard to race, ethnicity, color, sex, sexual orientation, gender identity, religion, national origin, ancestry, age, disability, marital status, familial status, genetic information, domestic or sexual violence victim status, citizenship status, military status, status as a protected veteran or any other status protected by applicable law.
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