In this episode of MGMA's Ask An Advisor podcast, we feature Senior Advisor Cristy Good talking about best practices for building out sign-on and retention bonuses at medical practices.
MGMA Resources discussed:
MGMA Stat on Bonuses: https://www.mgma.com/mgma-stats/after-a-year-of-pandemic-tumult-medical-practices-consider-bonuses-to-attract-top-talent
MGMA Stat on Nurse Recruitment: https://www.mgma.com/mgma-stats/nurse-recruitment-and-hiring-after-the-great-resignation-still-a-major-challenge
More Resources:
Labor Market: https://www.shrm.org/resourcesandtools/hr-topics/compensation/pages/employers-rely-on-incidental-bonuses-amid-tight-labor-market.aspx
SHRM: https://www.shrm.org/resourcesandtools/hr-topics/compensation/pages/incidental-bonuses-alternative-rewards.aspx
AAFP: https://www.aafp.org/pubs/fpm/issues/2022/0500/p5.html
Investopedia on Retention: https://www.investopedia.com/terms/r/retention-bonus.asp
Retention and Bonuses: https://www.workhuman.com/blog/retention-bonus-agreement/
HBR on Bonuses: https://hbr.org/2023/02/do-retention-bonuses-pay-off
SPONSOR:
PDS (Practice Data Solutions):
Unlock the full potential of your healthcare data with Practical Data Solutions! Benchmarks take on new meaning when blended with Key Performance Indicators like Expense, Productivity, Scheduling and Patient satisfaction data. Optimize your reporting to make better decisions with PDS analytics. Discover how at https://pds-online.com/
WE WANT TO HEAR FROM YOU
Let us know if there's a topic you want us to cover or an expert you would like us to interview. Email us at
[email protected].
If you have opportunities and resources you'd like to share with MGMA members, go to Marketing with MGMA to find out how you can connect with the MGMA audience.
Sponsor:
Capella University helps healthcare professionals earn their MHA on their terms. Their FlexPath MHA program is designed for busy MGMA members who want to advance their leadership skills with a flexible, self‑paced format — often faster and more affordably — without putting their careers on hold. Questions? Visit capella.edu/MHA to learn more.
