1 Compensation Consultant Job in Park, KS
Harvard Medical Faculty Physicians is Hiring a Compensation Consultant Near Park, KS
- 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.
- Insures 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.
- 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.
- 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.
Job Summary
Full Time
Professional Associations
$82k-104k (estimate)
05/23/2023
06/06/2024
hmfphysicians.org
BOSTON, MA
500 - 1,000
1998
Private
STUART A ROSENBERG
$500M - $1B
Professional Associations
Related Companies
The job skills required for Compensation Consultant include Analysis, Written Communication, Leadership, Problem Solving, Futures, Collaboration, etc. Having related job skills and expertise will give you an advantage when applying to be a Compensation Consultant. That makes you unique and can impact how much salary you can get paid. Below are job openings related to skills required by Compensation Consultant. Select any job title you are interested in and start to search job requirements.
The following is the career advancement route for Compensation Consultant positions, which can be used as a reference in future career path planning. As a Compensation Consultant, it can be promoted into senior positions as a Stock Plan Administrator II that are expected to handle more key tasks, people in this role will get a higher salary paid than an ordinary Compensation Consultant. You can explore the career advancement for a Compensation Consultant below and select your interested title to get hiring information.
If you are interested in becoming a Compensation Consultant, you need to understand the job requirements and the detailed related responsibilities. Of course, a good educational background and an applicable major will also help in job hunting. Below are some tips on how to become a Compensation Consultant for your reference.
Step 1: Understand the job description and responsibilities of an Accountant.
Quotes from people on Compensation Consultant job description and responsibilities
Ensure compensation practices are in line with labor legislation.
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Work closely with HR to plan and implement compensation packages.
04/06/2022: Brockton, MA
Their duties include creating salary structures and incentive plans, implementing performance management programs, and consulting with HR managers on compensation-related issues.
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Compensation consultants implement and design compensation plans for companies with the goal of creating proper incentives for employees.
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Ultimately, a top-notch compensation consultant should have excellent knowledge of payroll procedures, labor legislation, and pay rate research.
03/30/2022: Nashua, NH
Step 2: Knowing the best tips for becoming an Accountant can help you explore the needs of the position and prepare for the job-related knowledge well ahead of time.
Career tips from people on Compensation Consultant jobs
Good communication skills.
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Familiarity with payroll software.
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Review and assess pay scales, base pay and incentives.
03/01/2022: Lexington, KY
knowledge of payroll procedures.
03/05/2022: Concord, NH
recommending bonus programs based on job analyses.
04/01/2022: Cheyenne, WY
Step 3: View the best colleges and universities for Compensation Consultant.
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