Nov 25, 2022

Compensation Governs Recruitment, Lots of Raises and More Burnout

 

Welcome to our November issue of ProCARE Perspectives, where we highlight important, relevant healthcare news, compensation trends, and provider integration topics. We’re here to help you keep up with it all!

Jack

Should we stay or should we go?…Ask providers

Compensation continues to heavily impact recruitment and retention. Members of the Washington State Nurses Association approved a new contract with UW Medicine that includes significant raises of up to 4 percent. The reason behind this notable increase? To provide competitive compensation to help recruit and retain the staff required to deliver outstanding patient care. 

Takeaway: Do your compensation plans help or hurt your recruitment and retention rates?

Who to hire: physicians or PAs/NPs?

It’s no secret that high rates of burnout are causing continuing physician shortages across the nation. However, a recent study conducted by AAPPR shares even more troubling data. With physicians so difficult to replace, leading healthcare orgs are increasingly relying on physician assistants and nurse practitioners because there are more candidates, and credentialing is quicker.

Takeaway: What steps are you taking to prevent burnout and prioritize provider well-being?

“There is no Mayo Clinic without you”

The Mayo Clinic recently announced a pay boost of 6 percent for 64.5K workers, marking their largest wage jump in two decades. This raise is aimed at addressing the impacts of COVID-19, worker shortages, and inflation on clinic workers. Provider and employee satisfaction stems from feeling valued, which often starts with compensation. 

Takeaway: How are your providers and employees valued, motivated and rewarded?

Uplevel your compensation management and improve retention, productivity and performance.

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ProCARE worked hand-in-hand with Cancer Treatment Centers of America to reduce compensation errors and overhead while improving provider relations and increasing trust.

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