VIDEO: Tailor compensation plans to meet local needs
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Key takeaways:
- Compensation plans should accommodate fair compensation for average and uber producers in each orthopedic subspecialty.
- A compensation plan should be sustainable throughout an orthopedic surgeon’s career.
In this video from the Academic Orthopaedic Consortium Business & Leadership Symposium, Scott D. Boden, MD, discusses ways to achieve an effective and sustainable, market competitive compensation plan.
“There is no one perfect compensation plan that is going to work in every environment. Depending on your funds flow model, your environment and your market, you have to tailor the plan to meet the local needs,” Boden, professor and chair of the department of orthopaedics at Emory University School of Medicine, told Healio. “However, if you follow those basic principles, I think the consensus from the [Academic Orthopaedic Consortium] AOC panel was that you are going to have a compensation plan that will be effective, sustainable, work for all different levels of productivity and types of contribution and, hopefully, achieve sustainable growth in your department.”
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