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Physician Compensation


Discovery Resource # ST-03
Resource Topic: Physician Compensation
Planning Tools: Survival Tool
Career Phase: Learn
Description: Analyzing compensation by each factor
Description:
There are a variety of compensation packages available in the healthcare industry today. Just as you reviewed in our job transitions chapter, this is not a “one size fits all” process. Understanding the types of compensation packages and their fundamental differences is key to ensuring your ability to determine which offer is in your best interest.
Objectives:
  • Learn how employers determine compensation packages.
  • Generate questions to ask the employer before making a decision.
  • Understand how compensation is impacted by geographic location, demographic classification, practice type, practice ownership, and medical specialty.
  • Learn how compensation methods impact a physician’s financial bottom line.
  • Differentiate between various production-based models.
Author: Brad Reay, CPA
Brad Reay, CPA
Director of Healthcare Consulting Katz, Sapper & Miller

With over 20 years of healthcare and business experience, Brad has provided fair market value opinions and commercial reasonableness assessments for hospitals and health systems, medical groups, academic institutions, and other healthcare entities to ensure physician compensation arrangements are compliant with regulatory requirements. He received a Bachelor of Science in Accounting from Kelley School of Business Indiana University.
Author: Philip L. Schaefer
Philip L. Schaefer,
Senior Vice President, Ambulatory Services & Chief Care Network Development Officer

Mr. Schaefer has been with Southern Illinois Hospital as Vice President since 2000 and was previously Director of Corporate Planning since 1996. He became a Senior Vice President in 2017. Earlier in 2000, he was employed as Vice President of Planning and Marketing with Centegra Health Systems, McHenry, Illinois before rejoining SIHS later that same year.

Mr. Schaefer received an Associate in Applied Science in Respiratory Therapy from Parkland College, a Bachelor of Arts in Psychology with honors from Millikin University, and a Master of Science in Healthcare Planning and Administration from University of Cincinnati.
Mr. Schaefer is board certified in Healthcare Management as a Fellow in the American College of Healthcare Executives (“ACHE”) and is a registered respiratory therapist.