Does Executive Compensation Structure Need an Overhaul?
Vice President and CFO
Trinity Regional Health System
Rock Island, Ill.
Our major focus for executives is a base salary with incentives built into it. The core of what we have been doing is very effective. On an annual basis we look at it and say, "What do we need organizationally throughout the whole system to get the outcomes we are focusing in on?"
It is very focused on a grand scale, which means Iowa Health System in total. We set targets of what we need from a quality perspective, from a patient satisfaction perspective. As we progress into population health we are getting incentives tied into that target also.
We are also looking at our benefits package to make it a cafeteria approach. If you know you are going to be five or 10 years in the system you have greater latitude to select certain benefits that would fit someone who doesn't plan on staying within the system. On the other hand, if you think you are going to be a long-termer, then you have options to select your benefits accordingly.
We are trying to create that flexibility to attract different people from the outside while maintaining and supporting people from the inside to stay within the system from a compensation and benefits and opportunity standpoint. All executives are talked about with the CEOs and the head of the system in a very open process so people know who is lined up for the future, who is a keeper.
- CEO Exchange: Preparing for Population Health
- Advocate, NorthShore Deal Would Create 16-Hospital System
- Better HCAHPS Scores Protect Revenue
- Narrow Networks Cut Costs, Not Quality, Economists Say
- 3 Strategies for Retaining Millennial Employees
- Power of price: In South FL and the nation, healthcare costs often are shrouded in secrecy
- Two NY hospitals to offer free hip and knee replacement surgeries for qualifying patients in December
- Hospital mergers may lead to higher prices
- Healthcare data of 1 million NJ patients compromised since 2009
- 'Early Offer' Malpractice Programs May Spur Reform