Cited every year by Modern Healthcare and many other publications, the Review offers benchmark data and analysis used by hospitals, medical groups and other organizations to determine which physician and advanced practitioner (AP) recruiting incentives are customary and competitive.
The recently released 2023 Review continues to be the most comprehensive source of data regarding physician and AP starting salaries, signing bonuses, production bonuses and related recruiting incentives in the industry. It also offers an in-depth analysis of the latest trends driving physician supply and demand, recruitment and retention.
Some key findings from the 2023 Review are:
64% of AMN Healthcare’s search engagements this year were for physician specialists.
Average starting salary offers made to specialists were generally up year-over-year.
Nurse practitioners topped the list of AMN Healthcare’s most requested search engagements for the third consecutive year.
MHA Members interested in obtaining a copy of the complete report may reach out to Ben Jones at AMN Healthcare.
“It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”– Warren Buffet
The healthcare industry is a vital cornerstone of any community, providing essential medical services to people in times of need – not to mention our role as economic engines. Behind the scenes, there’s a complex network of organizations and associations dedicated to supporting healthcare providers and ensuring their success. Among these is the Michigan Health & Hospital Association (MHA), the leading advocate for hospitals and health systems throughout the state of Michigan.
While most people recognize the MHA’s visible and impactful role in the public policy arena, many are unaware of the comprehensive business services we also provide to our member organizations. Housed within our MHA Service Corporation, these services not only help hospitals and health systems to achieve their missions of providing high quality, cost-effective care to their communities, but they also generate revenue for our association – which in turn allows us to moderate the need for membership dues increases over the years.
Our business services include in-house offerings and carefully vetted and selected partnerships. All services have been curated to give hospitals and healthcare providers robust solutions and options. Examples of services available to hospitals and other providers include the MHA’s data services, unemployment compensation program, a robust endorsed business partner program and graphic design and print services.
The MHA first began work to develop a data bank in 1975, establishing our association as a credible resource for industry data. Data-driven decision-making is essential for healthcare organizations to deliver high-quality services efficiently. More than 500 healthcare entities nationwide now use MHA data products for a variety of purposes, including strategy development, community benefit tracking and improving safety and quality of care. By harnessing the power of data, hospitals and health systems can enhance patient outcomes, optimize workflows and ultimately reduce costs.
Our unemployment compensation program has an even longer history, having existed since 1972. Much like data services, it not only serves existing MHA members in Michigan, but nationally. Collectively, it processes thousands of unemployment claims for over 700 clients every year, saving clients millions of dollars annually. By participating in this program, member organizations can navigate the complexities of unemployment compensation more effectively, saving valuable time and resources. I’m pleased to share the program was once again recognized by the National Association of State Workforce Agencies (NASWA) for the program’s commitment to utilizing the NASWA’s nationwide, web-based system for receiving new claims and responding to state unemployment agencies.
The MHA Graphic Design & Print Services division offers specialized print services, as we recognized the need to offer our members cost-effective printing solutions. The healthcare industry has a constant need for marketing materials, patient information brochures and administrative documents. This program has grown and now offers services for many organizations even outside of healthcare.
Our association has also expanded our ability to connect our member hospitals and health systems to companies that offer products and services tailored to the healthcare industry. Within the MHA Endorsed Business Partner Program, we rigorously review each potential company before endorsing a partner to ensure that they provide quality and valuable services to our membership. The MHA has the opportunity to be a liaison between our members and endorsed business partners, leveraging our events and relationships to make the right connections at the right time.
As you can see, our commitment to supporting hospitals and health systems goes well beyond advocacy and policy. By offering diverse business services, we empower healthcare organizations to thrive in an ever-evolving industry. These additional services complement our existing efforts to improve the health and wellness of individuals and communities. Together, these initiatives contribute to the enhancement of healthcare excellence in Michigan, ensuring that the state’s healthcare providers can deliver the best possible care to their patients.
I can tell you that over the years, I have heard from countless clients of our various business services, who consistently praise the outstanding customer service and value-added work provided by our exceptional team. From my perspective, our success can be largely attributed to a commitment to build genuine, trusting relationships for the long haul. And we will not allow those relationships – or our reputation – to be compromised in any way. If you are affiliated with a healthcare-related organization (and perhaps even if not), I would strongly encourage you to reach out and explore our ability to serve you and see this difference first-hand.
The MHA Service Corporation (MHASC) board held its final meeting of the 2022-2023 program year focused on supporting the MHA Strategic Action Plan priorities of workforce sustainability, financial viability, achieving health equity and improving access and funding for behavioral health. Members are invited to review the July MHA CEO Report for more information on the association’s efforts to address these ongoing priorities.
The MHASC board celebrated the 2023 Outstanding Performance award given to the MHA Unemployment Compensation Program (MHA-UCP) by the National Association of State Workforce Agencies. This award affirms the MHA-UCP’s dedicated work to reduce unemployment liability for its clients, decrease unemployment fraud and prevent waste with state unemployment agencies. The MHA-UCP has a large portfolio of healthcare employer clients throughout the country, including many MHA members. To learn more about the services available, members may contact Neil MacVicar at the MHA-UCP.
The board was joined by Kelsey Stevens, principal and senior consulting actuary, Wakely, for an overview of actuarial and risk management services for value-based payment arrangements and more. MHASC is planning to launch new Endorsed Business Partnerships in the coming weeks.
The MHASC board had several appointments and reappointments adding depth and breadth of expertise and welcomed new MHASC board members Melissa Holmquist, CEO, Upper Peninsula Health Plan, Marquette; Paul Karsten, CFO, Pine Rest Christian Mental Health Services, Grand Rapids; Peter Marinoff, south regional president, Munson Healthcare, Cadillac; and Scott McLean, managing director, Corewell Health Ventures, Grand Rapids. The board recognized David Leonard, JD, chief legal officer, Corewell Health, Grand Rapids and Southfield, and Dennis Smith, president, Dennis H. Smith Consulting, LLC, Marquette, for their service on the board ending this year. The board also affirmed the reappointments of Betty Chu, MD, chief quality officer, Henry Ford Health, Detroit; Brian Connolly, Connolly Associates, Rapid City; Brett Furst, founder & CEO, Foresight Ventures, Lake Orion; Marita Hattem-Schiffman, president & CEO, MyMichigan Health Central Region, Alma; and Chair Kent Riddle, CEO, Mary Free Bed Rehabilitation Hospital, Grand Rapids.
The MHASC provides critical support to the MHA in the form of nondues revenue through its Data Services, Unemployment Compensation Program and Endorsed Business Partner program to address workforce, financial and other business needs. Visit the MHA Business Services webpage to learn more about resources available.
Questions regarding the MHASC Board should be directed to Ruthanne Sudderth at the MHA.
Over the last few decades, the healthcare industry has experienced a significant shift from fee-for-service (FFS) payments to value-based payments (VBP). Value-based care delivery models, which base payment on outcomes versus the number of services provided, are key when it comes to improving patient care and lowering costs.
There are several forces driving the advancement of value-based models, including:
Significant government program influence.
Investor interest in value-based strategy.
Consumer expectations for access to more personalized, high-quality care.
The VBP movement, while flashy and exciting, can also be challenging for providers when it comes down to the details. The reasons for this include:
The necessary data sets can be disparate, slow, and incomplete.
The transparency between payers and risk-taking providers is often limited.
Private value-based contracts are often insufficiently detailed on important matters such as pricing trend and margin assumptions, the definition of revenue components to which percentage of premium contracts are applied, etc.
Given the market forces outlined above, it’s very likely providers will soon find themselves entering shared savings and/or risk contracts. It’s critical these providers work with actuaries who are skilled at disentangling complex value-based payment models and managing financial risk so that they can focus on what they do best: caring for patients. Wakely Consulting, an MHA Endorsed Business Partner (EBP), can assist hospitals and health systems with the task of translating complex VBP contracts to enhance patient care and lower costs.
By Dan McPhee, partnership relationship manager at Salary.com, an MHA Endorsed Business Partner.
It’s well known within the healthcare industry that issues of employee turnover, lack of applicants and salary compression were exacerbated in 2020 and 2021. Unfortunately, these trends have continued throughout 2022 with indications that 2023 will be just as challenging. While there are several drivers of long-term employee retention, compensation professionals within the industry note three common challenges when it comes to employee turnover and recruitment:
Employees leaving healthcare entirely for higher pay and/or better schedules.
Employees transitioning from one healthcare facility to another for higher pay, benefits and/or better schedules.
Employees moving out of city or state for higher pay, sometimes responding to economic relocation incentives provided by a hospital system, state or city.
These are informative themes, but each would warrant a case study for detailed, long-term solutions. MHA Endorsed Business Partner (EBP) Salary.com has the data to look at solutions to these challenges within their CompAnalyst MarketData tool. With more than 8,000 benchmark jobs updated monthly and the ability to scope by industry, geography and facility size, the team can easily pull valuable data into reports to help HR and compensation professionals better understand the market, competition and industry pay.
MHA members are invited to try until Sept. 15 a free trial of the CompAnalyst MarketData tool for 30 days or 15 job pricings (whichever comes first) and receive full support from Salary.com on using the tool and identifying solutions to these challenges. Members also receive discounts on all Salary.com subscriptions and resources.
MHA Endorsed Business Partner NextJob will host a free webinar on workplace communication skills at noon ET July 18 to help employees better engage with coworkers and build a better sense of belonging. MHA members are invited to register and share information about the webinar with their colleagues. A link to connect to the webinar will be emailed upon registration. To learn more, visit the business partner profile page for NextJob or contact Paul Dzurec at NextJob.
Hospitals and health systems continue to transform, and compensation practices need to keep pace. Staff retention has become a top concern, and diversity and pay equality issues are critically important.
An organization’s compensation philosophy is the first step toward fair and competitive pay, leading to higher retention rates and the ability to attract top talent. Employers can open the level of transparency throughout the organization and develop trust among employees. The philosophy will help answer employees’ questions about how their pay is determined.
Downloading Salary.com’s “10 Compensation Best Practices” e-book will help healthcare leaders review their compensation philosophy in the context of today’s human resources challenges and discover other strategies for setting appropriate pay structures in 2022.
The MHA will host a free webinar from 1 to 2 p.m. EST Jan. 25 to provide an update on price transparency and the No Surprises Act, including what is now required for compliance.MHA Endorsed Business Partner PARA will review the 15 data elements needed for good faith estimates, the mandatory disclosure notice and more. The webinar is free of charge for MHA members, but registration is required. To learn more about opportunities available with PARA, visit its profile page or connect with PARA account executive Sandra LaPlace.
MHA offices will be closed and no formal meetings will be scheduled Jan. 17 in honor of Martin Luther King Jr. Day.
By Paula Allen, global leader and SVP, research and total wellbeing, LifeWorks, an Endorsed Business Partner of the MHA
Mental health is central to everything. This is a definitive statement because it is so true. Mental health is central to our quality of life, relationships, work experience and even participation in the economy. Many people take it for granted, but if there is any benefit to the strain of the past twenty months, it is that it has become clear that no one can or should ever take their mental health for granted. Since the Spring of 2020, there has been a significant decline in the mental health of working Americans.Life and work has been filled with massive change, uncertainty and unprecedented risks and demands. People are tired.
While the holiday season is a time for celebration and connection, the work demands of this season can potentially overshadow the benefits of this time of year. When this happens, stresses can actually feel more stressful than at another time of year. Now more than ever, it is important to take stock of your situation and your opportunities. Gratitude grounds us and focuses the mind. Simple and unexpected kindness can foster the connection to someone else which changes how we experience stress. At times, however, we might need more. With this MHA has launched AbilitiCBT. It offers evidence-based and effective mental health therapy for anxiety, depression and other issues. Two of the most important benefits are that it can fit into any busy schedule given digital access, but the process is also guided by a therapist who is there when needed, and who ensures the right path for each individual.
Mental health cannot be taken for granted. AbilitiCBT is here for you to use.