Reviewing Physician Compensation Using a Local Market Survey
Client/Profile
A large suburban tertiary care teaching hospital employing over 200 physicians
Challenge/Situation
To develop a local market physician compensation database to provide more relevant comparable data to complement the available national benchmarks in use. The hospital board’s Compensation Committee has directed the hospital to conduct a yearly compensation review process for all physician compensation arrangements, including administrative and clinical full-time, part-time and independent contractor compensation arrangements.
Veralon was engaged several years ago to continue the annual compensation review based in part on more local data.
Process
Veralon initiated a physician compensation survey of employed physicians in the greater Philadelphia, Southern New Jersey and Delaware market. The survey included approximately 3,000 physician compensation citings in over 85 specialties from medical schools, academic medical centers, health systems and large hospital-owned physician networks.
Results
This local survey data has now become an integral component of the client’s annual physician compensation review. The client and other survey participants have exclusive access to valuable local market compensation benchmarks for use in their physician recruitment and retention initiatives, as well as internal compensation planning and administration.