About the position
The Director of Provider Compensation is responsible for development, implementation, and regular periodic review at the macro and individual levels for the compensation programs for all physicians and Advanced Practice Providers (APPs) in the organization. This position directs and oversees development of all physician and (APP) compensation arrangements which may include base pay for clinical and administrative roles as well as incentive pay, according to policy and guidelines. This position works with service line leaders, the legal department, outside consultants, and external appraisers to develop compensation arrangements for groups and individual physicians and APPs. This position oversees development of all compensation arrangements for a variety of groups (specialties) as well as individual physicians and APPs, directs data sourcing for benchmarks, oversees and directs compensation analysts to develop assumptions and complete analyses, and responds to inquiries from the medical group and system leaders for all provider compensation questions when considering new employment or contract relationships. Schedule: REMOTE, but with a minimum onsite expectation of 3 full days every other month.
Responsibilities
- Leads a team compensation analysts that conduct complex financial and market analyses
- Oversee the development, launch, and implementation of new products and services
- Maintains a strong knowledge of best practices in physician compensation
- Collaborates with leadership regarding compensation strategy
- Collaborates with senior physician leaders and medical directors on compensation strategy
- Collaborates with internal legal counsel and external appraisers to design compensation arrangements
- Negotiates compensation arrangements, within specified guidelines and policies
- Directs all provider compensation reviews
- Primary project manager on compensation initiatives and projects
- Ensures contract accuracy and compliance with laws and regulations
- Creates and maintains accurate provider compensation
- Gathers primary and secondary data from disparate sources
- Manipulates, edits, appends, and formats data as necessary to ensure accurate analyses
- Completes analyses using advanced Excel functions and other software techniques
- Audits and edits source data, reference tables, and formulas
- Produces performance reports and compensation analysis for distribution
- Assists in leading the Physician Compensation Steering Committee
- Presents to the executive and physician compensation committee on areas related to provider compensation
- Provides advice on the resolution of physician and APP salary issues
- Collaborates with physician and APP payroll department to complete analyses of provider performance and compensation
- Ensures compliance with federal and state laws, including reporting requirements
- May perform other duties as assigned or requested and job specification can be modified or updated at any time
Requirements
- Bachelors Degree in Business, Accounting, Finance, Statistics, or related field
- At least five (5) years of experience in business and financial analysis, including strategic planning and project development
- Expertise with communication tools, such as MS PowerPoint, and personal presentations before large and small groups
- Experience conducting compensation analysis and benchmark comparisons is required
Nice-to-haves
- Masters Degree desired
- Independent working once given the direction and parameters for development of mathematical compensation models
- Experience working with external fair market value appraisals and communicating with attorneys, risk and compliance representatives and providers about compensation areas of risk
- Experience working with healthcare providers
