Executive Director, Physician Compensation & Financial Alignment

University of Miami•Coral Gables, FL

10d•Onsite

About The Position

The University of Miami is seeking a strategic and dynamic leader to serve as Executive Director, Physician Compensation and Financial Alignment - an exceptional opportunity to shape and drive innovative physician compensation strategies within a leading academic healthcare organization. The Executive Director, Physician Compensation & Financial Alignment plans, directs and evaluates the provider compensation program operations to ensure compensation plans/models meet key stakeholder needs, are compliant with internal policies/procedures and applicable regulatory requirements and engender a sustained competitive advantage for the organization. In addition to the focus on physician compensation, the Executive Director, Physician Compensation & Financial Alignment establishes and manages the funds flow process, including establishing a structured approach for funding the three missions of the enterprise. The incumbent lays the groundwork for sustainability in both provider compensation and funds flow through setting policy, process, governance, and controls and closely collaborates with the CFO, physician leadership, and senior management across both the medical school and health system. The Executive Director provides subject matter expertise and executive leadership to move the needle in all areas related to both physician compensation and financial alignment/funds flow, ensuring the strategy and execution of key initiatives meet the needs of current and future demands of this rapidly evolving organization. The incumbent develops and implements a strategy that ensures the effective and efficient realization of the organization's goals.

Requirements

Bachelor’s degree in relevant field required
Minimum 10 years of relevant experience required
Strategic Leadership: Commitment to the University's core values, mission and vision.
Operational Transformation: Ability to drive operational efficiency.
Change Leadership: Ability to lead organizational change initiatives.
Financial Stewardship: Ensures fiscal responsibility and optimization of financial performance.
Stakeholder Engagement: Builds strategic partnerships and enhances organizational reputation.
Innovation: Drives continuous improvement and innovative solutions.
Communication: Ability to influence, articulate vision, and communicate effectively.

Responsibilities

Supports the efforts and achievements attained thus far in implementing a physician compensation program and develops strategies to take the program to the next level.
Provides expertise in the formulation of comprehensive compensation strategies designed to meet the University of Miami's growth strategy and hospital service line strategies; develops/recommends continual refinement of quality-based provider compensation structures/models to support the established strategies and the evolving environment of accountable care and value-based reimbursement; builds and ensures consistency in methodologies and implements best practices.
Acts as liaison between administration, employed physicians, legal counsel, and/or third parties with regard to physician compensation issues, coverage agreements, corporate overhead allocations and other financial matters impacting physician compensation.
Manages and oversees the calculation, tracking and reporting of key performance indicators relating to provider performance and productivity (e.g. productivity, value-based metrics); ensures that all functional activities are fully documented in accordance with established standards.
Ensures that information used to calculate provider compensation is accurate and contains all relevant modifications and that any value-based metrics are updated and processed in a timely manner.
Serves as functional leader and content expert for provider compensation; monitors the local and national emerging and best practices associated with physician compensation and determines any changes that may need to be made to existing programs and structures.
Oversees, performs and coordinates new practices, clinics and service line startups with respect to provider compensation.
Assesses and analyzes the existing flow of funds from the clinical enterprise to the medical school to identify opportunities for improvement, simplification, and rationalization for the planning of the new model.
Develops a transparent and effective funds flow model to ensure that resource allocations are closely aligned with the strategic objectives of the organization.
Effectively implements a funds flow model that promotes discipline throughout the organization.
Oversees the management and continuous improvement of the operational standards for funds flow process.
In partnership with the CFO, establishes a governance committee to oversee and maintain the integrity of the funds flow process.
Participates in the development of the annual operating budget for provider compensation and patient volumes as well as integrating the funds flow model with the annual budgeting process.
Supervises staff and oversees the administration of the provider compensation plan and funds flow model, ensuring accuracy of all data used for physician compensation and resource allocations for funds flow.
Works with medical school and health system leadership, human resources, and physician leadership to develop physician salary offers.
Meets with physician candidates regarding compensation and system pay practices.
Provides regular reports to the Chief Financial Officer.
Acts as a single point of accountability for physician compensation and funds flow performance and improvement opportunities.
Prepares and presents compensation information to executive team, senior executive team and Board as needed.
Ensures internal control oversight and compliance with laws and regulations, safeguarding of assets, compliance with University policies and procedures, reliability of internal and external reporting, and efficiency and effectiveness of operations.
Creates an effective control environment, conducts risk assessment, implements and monitors controls.