John Nelson, MD, a principal at Nelson Flore Hospital Medicine Consultants and a past president of the Society of Hospital Medicine, said that while appropriate cash compensation is important for hospitalists and other physicians, it is not the be-all, end-all.
“Cash compensation is generally seen as an entitlement, so in most cases it doesn’t wind up being much of a motivator,” he said in the report. “It might help encourage someone to take a position in your practice, but it probably won’t do a lot to change their performance.”
Nonmonetary incentives that could boost physician morale and performance include paying for a professional development course, offering gifts such as vacations or televisions, awarding promotions or giving some type of recognition such as a trophy or thank-you note.
More Articles on Physician Compensation:
120 Statistics on Medical Director Compensation
5 Cardiologists at OSU’s Wexner Medical Center Received $1M Bonuses Last Year
9 Statistics on Emergency Medicine Physician Pay by Geographic Area
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.
