Physician Compensation Consultant

The Physician Compensation Consultant provides leadership and support for departments to strategize and develop Physician Compensation plans that are consistent with the Compensation Philosophy of the organization. Advises HMFP senior leadership, Chiefs, and CAO's on Physician Compensation practices that are aligned with market best practices and benchmarking. Role will also support organization in developing and maintaining appropriate compensation levels for Advanced Practice Providers (APP's). Position has a dual reporting relationship to the CFO and CHRO
Duties and Responsibilities

• Supports the organization and the departments with the development of Physician Compensation strategies and models which align with financial objectives, HMFP Compensation Philosophy, and incentivize physician productivity and performance.
• Supports departments and develops/distributes reporting tools which includes physician productivity and comparisons to benchmarks and variance analysis accordingly.
• Supports departments to conduct the evaluation and analysis of Physician Compensation using market data to determine competitive pay levels
• Continually analyzes the market and Physician Compensation practices as well as best practices with regard to model design and application to ensure market competitiveness.
• Consults with outside experts on Physician Compensation plan design to ensure plans are effective and up to date and consistent with market practices.
• Provides recommendations for improvements of physician performance based incentives.
• Identify opportunities and enhancements to Physician Compensation plans. This can include both quantitative and non-quantitative measures
• Partners with external consultants to determine the market and compensation practices of local competitors as well as best demonstrated practices with regard to application and management of the programs and practices.
• Ensures that recommendation on compensation models are compliant with FMV guidelines, internally equitable, and the model structurally performs properly and consistently.
• Leads a variety of high-level compensation projects and studies for HMFP. These will include recommending components of Physician Compensation models and understanding how those components affect outcomes, cost, and reimbursement.
• Develop(s) communication materials required to communicate and understand compensation models.
• Supports the CFO and CHRO in preparation of documents and analysis for HMFP BOD Compensation Committee.
• Plays a key role in supporting recruitment and new business ventures involving compensation of physicians.
• Develops appropriate compensation measurements for various dimensions to monitor performance and variances. Directs and performing analysis of productivity by measuring visits, procedures, relative value units, charges and collections.

• Participates in the pro forma analysis calculations for physician staff additions, startup practices and potential practice acquisitions.
• Develops and communicates the process for managing compensation plans by working collaboratively with leadership to identify Physician Compensation issues and make effective recommendations.
• Develops, implements and evaluates financial Physician Compensation policies and procedures in collaboration with other finance leadership to ensure efficient transaction processing and to standardize practices and minimize future risks.
• Collaborates with human resources team to ensure Physician Compensation practices align with broader compensation and human resources practices and procedures.
• Develops and administers policies and procedures to accomplish department-specific and organizational initiatives.
• Supports the compensation work for other HMFP roles including but not limited to APP's.

Qualifications and Personal Attributes
A minimum of five years of progressively responsible experience in Physician Compensation that includes experiences in developing, implementing, and evaluating Physician Compensation strategies and productivity analysis.
Bachelor's degree required. Master's degree in Business, Healthcare Administration, Human Resources, Organizational Development, or related field preferred.

• Demonstrated leadership skills and abilities. Leadership experience should include healthcare compensation experience preferably with Physician Compensation.
• Knowledge of various types of Physician Compensation plans, compensation theories, and best practices.
• Knowledge of and skills in performing physician cost accounting analysis to improve practices.
• Skills in analyzing, interpreting, and reporting data to identify opportunities and trends. Skills in analyzing quantitative and qualitative material and reach sound conclusions.
• Excellent verbal and written communication skills. Ability to communicate and collaborate effectively with all levels of employees, management, executives, and other organizations. Demonstrated ability to explain complex financial issues to non-financial staff and leadership.

Competencies:

• Decision Making: Decisions have significant, broad implications for the management and operations of a major department or multiple departments. Participates in decisions on overall strategy and direction of the organization.
• Problem Solving: Problems are broad, complex and abstract, often involving Medical Center-wide issues and requiring substantial creativity, resourcefulness, staff engagement, Lean diagnostic techniques, negotiation and diplomacy to develop solutions.
• Independence of Action: Sets direction and vision for major departments or multiple departments. Establishes priorities, develops policies and allocates resources.
• Written Communications: Ability to communicate complex information in English effectively in writing to all levels of staff, management and external customers across functional areas.
• Oral Communications: Ability to verbally communicate complex concepts in English and address sensitive situations, resolve conflicts, negotiate, motivate and persuade others.
• Knowledge: Ability to demonstrate in-depth knowledge of concepts, practices and policies with the ability to use in complex varied situations.
• Team Work: Ability to lead and direct multiple collaborative teams for large projects or groups both internal and external to the Medical Center, HMFP and across functional areas. Results have significant implications for the management and operations of the organization.

Harvard Medical Faculty Physicians at Beth Israel Deaconess Medical Center (HMFP) is one of the largest physician organizations in New England, dedicated to excellence and innovation in patient care, education, and research. As a physician-led organization, HMFP partners with more than 2,200 providers to support the delivery of exceptional care, promote professional development and diversity, and foster balance at work and home. HMFP physicians have faculty affiliations with Harvard Medical School (HMS) and provide care throughout the Beth Israel Lahey Health (BILH) system and additional hospitals across Massachusetts. Our HMFP corporate staff provide comprehensive practice management services, such as compliance, legal, finance, and human resources to our faculty members.