Physician Compensation Analyst

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Bargaining Unit: Non Represented - Professional

Rate of Pay: $111,217 annually + DOE

Summary

The Physician Compensation Analyst supports our mission of providing high-quality healthcare. This position is involved in budget planning for physician compensation and related reimbursable expenses, compensation analysis and modeling, physician compensation offer packages, ad hoc reporting and analysis, annual production and compensation benchmark survey reporting, and other duties as may be assigned.

Trend Projection and Forecasting:

• Utilize advanced analytical tools and methodologies to project future trends and prepare detailed operational forecasts enabling informed decision-making and strategic alignment.

Financial Recommendations:

• Provide strategic financial insights and recommendations to management, focusing on projected clinician costs relative to projected revenue and/or productivity.

Performance Reporting:

• Deliver comprehensive periodical clinician performance reports, including monthly, quarterly, and annual reviews.
• Analyze and present data on financial results, productivity, and operational efficiency to management, ensuring timely insights for strategic decisions.

Productivity Incentive Reporting:

• Generate regular clinician productivity reports. Use these insights to drive discussions on strategies to improve productivity with clinicians, department heads and management.

Fair Market Value Analysis:

• Assist in periodic FMV analysis by gathering physician compensation and productivity data compared to established benchmarks.

Data Integrity and Validation:

• Ensure the accuracy and reliability of financial data through meticulous validation processes and regular audits.
• Implement robust verification procedures to maintain the integrity of reported information, supporting trust and transparency in financial disclosures.

Compensation Modeling and Processing:

• Develop and refine compensation models to accurately predict the financial impacts of various compensation strategies on physician retention, service lines and operational activities.

Compensation Offer Packages:

• Provide compensation information based on established compensation guidelines to management, physician recruiter, or legal assistant – contracts for creating offer letters/PSA contracts to prospective physicians.

Support for Internal Stakeholders:

• Act as a primary financial analyst contact for internal stakeholders by providing them with tailored reports and analyses.
• Educate and assist them in understanding complex financial information and its implications for their operations.

Budget Support:

• Support the development of annual budgets by gathering comprehensive lists of employed and contracted physicians, current and projected compensation rates, and relevant reimbursable expenses.

Data Management:

• Monitor the extraction and processing of data from the Epic system to SQL database and Simpliphy or other systems used to generate comprehensive reports on patient volumes, clinician productivity, and other critical metrics. Ensure data integrity and accuracy in all reports delivered to management.

KPI Development and Monitoring:

• Design and implement clinician compensation and productivity key performance indicators (KPIs) that accurately measure and track the efficiency and effectiveness of various healthcare services.
• Regularly review and refine KPIs to align with organizational goals and industry standards.

Analytical Support for Strategic Decisions:

• Utilize data analytics to provide actionable insights that support strategic decision-making.
• Translate complex data sets into clear, concise, and meaningful reports that inform management on critical operational and financial aspects.

Performance Benchmarking:

• Conduct benchmarking studies to compare organizational performance against industry standards and best practices.
• Use findings to recommend improvements and innovations in service delivery and operational processes.

Collaboration with Functional Teams:

• Work closely with various departments to ensure that data collection and reporting systems are optimized for accuracy and functionality.
• Address any technical issues in data extraction or reporting promptly and efficiently.

Ad Hoc Reporting:

• Respond swiftly to requests for ad hoc reports from various departments, providing detailed and timely data analysis tailored to specific needs.
• Employ analytical skills to solve unique problems and support diverse organizational projects.

Operational Adaptability:

• Stay adaptable and responsive to changes in healthcare operations and strategic direction.
• Proactively update and adjust responsibilities as required to align with new operational needs and strategic objectives.

Continuous Improvement:

• Regularly identify opportunities for process improvement and enhanced reporting capabilities.
• Initiate projects to streamline reporting…