Physician satisfaction is paramount in ensuring the smooth operation and high-quality patient care within any medical practice. For Denville Pediatrics Doctors, who are dedicated to the health and well-being of children, job contentment extends beyond just patient interactions. Like many in the medical field, these professionals are driven by a passion for helping their patients thrive. However, the complexities of practice management often mean that crucial aspects like human resource management, including compensation models, might not receive the focused attention they deserve.
Dr. Craig, a managing partner, recognized this gap and embarked on a mission to enhance physician job satisfaction within her practice. Her approach mirrored her methodical adoption of EHR systems – research-driven and aimed at improving the quality of life for her physician employees. She noted, “Through attending lectures on physician job satisfaction, particularly those from PCC, I discovered the growing trend of incorporating ‘pay-for-performance’ models in compensation plans. Experts emphasized that while no single model reigns supreme, some form of performance recognition is vital for doctors.”
Inspired by PCC’s prior assistance in optimizing her practice’s business operations, Dr. Craig sought their expertise again, this time to develop a compensation model that was both equitable and conducive to greater job satisfaction. The opportunity arose when a partner’s retirement freed up capital, which Dr. Craig decided to reinvest into pay-for-performance incentives.
“Working with PCC,” she explained, “I came to appreciate the financial contributions of our doctors through their dedication to extended hours. Numerous factors came into play, such as their tenure, experience levels, and employment status, whether full-time or part-time.”
The practice opted to decouple bonuses from seniority or time within the practice, as these elements were already reflected in the base salary. Dr. Craig’s primary goal was to incentivize productivity while maintaining a balance with scheduled clinical time. A key objective was to encourage full-time commitments over part-time arrangements.
“With PCC’s guidance, we successfully implemented a system that caters to the specific needs of my practice,” Dr. Craig stated. “It’s a model that is both fair and generous to our physicians, ensuring the overall financial health of the practice. It’s not every day you find an EHR vendor that combines pediatric-focused HR consulting with software proficiency.”
This strategic approach acknowledges the hard work and dedication of the physicians, rewarding them with extra compensation. Dr. Craig concluded, “PCC was instrumental in helping me customize a model that not only keeps our doctors motivated and enthusiastic about their work each day but also aligns with my priority of promoting full-time physician engagement.”
