Medical Practice Operations - Business Fundamentals 101 - 8 Module Webinar Series with Book-255193

Video Transcription

Video Summary

In this 30 to 45-minute presentation on "Finance and Physician Compensation" by Jeff Gorky, part of the Medical Practice Operations, Business Fundamentals 101 series, the focus is on understanding various aspects of physician compensation models. The discussion spans the history and evolution of compensation methods from the 1980s to present times, highlighting the shift from private practices to health system models and private equity arrangements. Key elements include income guarantees, WorkRVUs (Relative Value Units), and productivity-based incentives used by health systems. The presentation examines how compensation ties to revenue cycles and explores modern hybrid models that incorporate efficiency and quality incentives alongside traditional incentives like WorkRVUs. Also discussed are the constraints of legal and fair market value requirements in compensation planning. The session emphasizes the need for customizing comp plans to fit specific organizational and market needs, accounting for rural versus metropolitan demands. As part of the educational series, it offers insights into crafting flexible compensation strategies suitable for various healthcare practice environments. The talk concludes with an invitation for further discussions and questions in an upcoming live session.

Keywords

physician compensation

WorkRVUs

health system models

productivity-based incentives

compensation planning

revenue cycles

hybrid models