ProCARE attended the “Charting the Course 2024” conference in April, hosted by the American Association of Provider Compensation Professionals (AAPCP). We’d shared a few of our highlights and key takeaways here, and now wanted to dive into the insights provided by the organization!
Here are AAPCP’s key takeaways from the event from their recent report, highlighting trends and strategies in provider compensation and workforce management.
AAPCP Identifies Key Takeaways:
Engaging Providers
A significant theme was the challenge and importance of engaging providers in compensation redesign. Effective governance structures that decentralize decision-making to include providers were emphasized as crucial for successful model redesigns.
Team-Based Models
Discussions focused on the benefits and barriers of implementing team-based compensation models. Though only 25% of organizations currently use these models, there is a growing interest in shifting from productivity-dominated incentives to team-based measures.
Artificial Intelligence
The potential impact of AI on provider compensation was a hot topic. Sessions highlighted the importance of leveraging AI for productivity pay calculations, compliance monitoring, and future compensation forecasting.
Sustainability
Participants examined the financial sustainability of Physician Enterprise operations, with discussions on optimizing compensation structures amid rising operating costs and regulatory changes.
Community Experience
The conference underscored the value of shared learning and collaboration. Sessions provided practical strategies and real-world examples, enhancing knowledge and fostering a community of professionals dedicated to improving provider compensation practices.
A notable takeaway from the conference was the emphasis on practical application and community support. As Stephanie Chambers from Akron Children’s stated, “This conference takes real-world examples and provides practical and actionable use cases that I can take back and act on immediately within my organization.”
AAPCP’s Recap
ProCARE is excited to incorporate these insights into our conversations and planning to better serve our clients. We look forward to continuing our engagement with the AAPCP community and participating in future events to stay at the forefront of industry developments.
The AAPCP’s recap of the event highlighted their commitment to advancing the profession: “As the Board of the American Association of Provider Compensation Professionals (AAPCP), we are delighted to share the remarkable growth and success our organization has experienced over the past four years” (AAPCP Board). You can read their detailed recap and report here. Join us as we implement these innovative strategies to create a more efficient, fair, and sustainable compensation model for providers everywhere.
