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the
Grace Report Provides Important Private Intelligence,
Gathered Exclusively
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Headlines-
August 28, 2006
Headlines- August 28, 2006 Commentary
and Opinion by Robert L. Michel: VINCENT R. LUCENTE, M.D., FACED A DILEMMA COMMON TO MANY OB-GYNS. In his late forties and with a growing practice, he has hired other obgyns to share the work load at the Institute for Female Pelvic Medicine and Reconstructive Surgery (IFPM) in Allentown, Pennsylvania. And like other older ob-gyns, he has found that younger Generation X physicians don’t necessarily share his views about work hours and call, productivity, and pay. Recognizing
that he had a business problem, Lucente designed a
The result is an innovative compensation formula that is nontraditional The V Formula uses financial incentives to foster specific behaviors that are beneficial to the group practice’s success. Lucente’s compensation plan now rewards four particular aspects that are important to IFPM: productivity, partnership, practice development, and patient satisfaction. Other ob-gyns who want to bridge the gap between younger and older physicians will find the V Formula is elegant in its simplicity and flexible in its application. It could be adapted to fit any problem simply by changing the metrics to reward other aspects of an ob-gyn practice. Lucente's experience has another important lesson for Baby Boomer ob-gyns facing a similar situation. Lucente's V Formula guarantees that he will retain control of the practice--for positive reasons. But the formula also gives Murphy flexibility to structure his work to be personally most fulfilling while also helping to build the practice. No incentive compensation plan can ever be perfect. But the V Formula certainly addresses the needs of the physicians at IFPM and could serve as a model for other ob-gyn groups looking for solutions to similar issues. ------------------------------------------------------------------------------------------------------- Linking Pay, Productivity Bridges Generation Gap Boomer and Gen X ob-gyns craft pay plan to align incentives and common purpose CEO Summary: At the Institute for Female Pelvic Medicine and Reconstructive Surgery in Allentown, Pennsylvania, it is called the “V Formula” (V for value) and it’s designed specifically to reward younger and older physician partners equitably, based on how they add measurable value in four ways to their ob-gyn group practice. The business strategy is to avoid professional disagreements while enabling all physician-partners to pursue their own choices for productivity, hours worked, and work-life balance. Two years into the program, the V Formula seems to be working, for very good reasons. ------------------------------------------------------------------------------------------------------- “V Formula”Helps Resolve Productivity, Other Issues Innovative physician incentive program aligns physicians toward four major goals CEO Summary: Before the Institute for Female Pelvic Medicine and Reconstructive Surgery brought in a new partner this summer, it developed a compensation formula designed to address productivity and practice building--with a recognition that younger, Generation X physicians have different career and lifestyle preferences than more senior physicians. To date, the new compensation formula has worked as planned. It provides the new partner with a way to generate additional income beyond a base salary while also helping the practice to address its needs going forward. ------------------------------------------------------------------------------------------------------- McKinsey & Co. Predicts Hospitals Must Specialize To Survive and Thrive HOSPITALS NEED TO BE FRIENDLY TO PATIENTS AND PHYSICIANS CEO
Summary: Imagine a healthcare system where successful hospitals
specialize in particular clinical services, treat patients as if they
were customers at a Ritz Carlton Hotel, and have close clinical and financial
collaborations with top-performing physicians. This is the American healthcare
system of the 21st century, as envisioned by ------------------------------------------------------------------------------------------------------- Doctor Price, Outcome Info Is Available to the Public New federal executive order on publishing price and outcome data for hospitals, physicians CEO
Summary: It’s a step that will accelerate the transparency
of provider prices and outcomes to the public. On August 22, 2006, President
George W. Bush signed an executive order directing all federal agencies
to collect and publish data on prices and outcomes for healthcare providers
serving beneficiaries of government health programs. At the same time,
private payers are putting more information on the Web to help consumers
learn what physicians charge and which physicians provide the best care.
Soon all ob-gyns will find it advisable ------------------------------------------------------------------------------------------------------- INTELLIGENCE: Late and Latent
Look for the next briefing on Monday, September 18, 2006.
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