In Hospice, you certainly can pay as well, if not more, than hospitals or other health systems IF you manage well! If this is not your view, then perhaps your ideas about compensation could use some expanding. There is plenty of money in Hospice. You want to design your pay practices on the very best methods known, those of the 90th percentile.
Compensation is the cost structure that Managers should always be interested in and exploring. It will give you the biggest payoffs and make the job of management so much easier! However, the fact that most Hospice and other healthcare entities use average or even below average compensation methodologies and somehow expect to get great results is absurd. Compensation is STRUCTURAL. That is, once it is firmly established, your management system is put into autopilot to a large degree, making management vastly EASIER! But the ludicrous “fear barrier” that “everyone will quit” keeps the Hospice herds in check, ensuring mediocrity for all but the bold, integrous and courageous.
As I look at Hospices’ compensation systems, I see “anemic” compensation systems, overly complex compensation systems, systems with an enormous number of compensation codes instead of an elegant economy of codes and systems that look very much like each other. And LITTLE Accountability… Your Accountability is directly linked to your quality! In fact, how you “do” Accountability in your Hospice for financials is the SAME way you do Accountability for your quality. Compensation is one of your most powerful Accountability STRUCTURES. Why not use it intelligently?
Our government now is almost $20,000,000,000 in debt. Why? Because people are not impacted directly! The debt, as well as so many organizational problems, are because of a lack of self-control. It is “one day this will catch up with us” – but until then, keep burning up the credit card! Bad business shields the stakeholders from the realities of the external world and performance. Good business brings everyone closer to revenue and performance. Your compensation work, if done well, will give you some of your biggest wins you will ever experience as a professional Manager. Therefore, it is best to expose yourself to the best ideas possible!
Serving from a place of Love for all ~ Andrew Reed, CEO & Chief Teaching Officer
Andrew will be teaching the Compensation & the Model on September 26-27 at the MVI Executive Retreat & Conference Center. This Workshop is ONLY offered once a year, so if your Hospice is looking to revamp its compensation systems, don't miss this opportunity!
Click Here for more information or to register for any MVI Tough Training Program.
In this episode Andrew covers the key principles that make up an effective people development program.
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About Andrew Reed, CPA/System Analyst
Andrew is the President and CEO of Multi-View Incorporated (MVI), one of the most influential companies in the United States regarding the business operations of Hospice. MVI is perhaps best known for “the Model” - a modern approach to Hospice management which creates a high-quality, predictable experience that is financially balanced. The Model helps Hospices bring meticulous intention to virtually every aspect of the care experience including phone interactions, visit structures as well as indirect areas that support the frontlines of care. The innovations have helped to create some of the most successful Hospice platforms in the history of the movement resulting in the highest valuations, quality scores and phenomenal economic performance. Andrew and MVI have worked with over 850 hospices over the past 20+ years.
Andrew formed Multi-View Incorporated (MVI) in 1996 to provide assistance to Hospices specifically in the business area. Since then, MVI has multiplied into several different companies including MVI, MVI Systems, MVI Benchmarking and MVI Media.