In this episode of MGMA's Ask An Advisor podcast, we feature Senior Advisor Cristy Good talking about best practices for building out sign-on and retention bonuses at medical practices.

MGMA Resources discussed:
MGMA Stat on Bonuses: https://www.mgma.com/mgma-stats/after-a-year-of-pandemic-tumult-medical-practices-consider-bonuses-to-attract-top-talent 

MGMA Stat on Nurse Recruitment: https://www.mgma.com/mgma-stats/nurse-recruitment-and-hiring-after-the-great-resignation-still-a-major-challenge 

More Resources:
Labor Market: https://www.shrm.org/resourcesandtools/hr-topics/compensation/pages/employers-rely-on-incidental-bonuses-amid-tight-labor-market.aspx 

SHRM: https://www.shrm.org/resourcesandtools/hr-topics/compensation/pages/incidental-bonuses-alternative-rewards.aspx 

AAFP: https://www.aafp.org/pubs/fpm/issues/2022/0500/p5.html 

Investopedia on Retention: https://www.investopedia.com/terms/r/retention-bonus.asp 

Retention and Bonuses: https://www.workhuman.com/blog/retention-bonus-agreement/ 

HBR on Bonuses: https://hbr.org/2023/02/do-retention-bonuses-pay-off 

SPONSOR:
PDS (Practice Data Solutions):
Unlock the full potential of your healthcare data with Practical Data Solutions! Benchmarks take on new meaning when blended with Key Performance Indicators like Expense, Productivity, Scheduling and Patient satisfaction data. Optimize your reporting to make better decisions with PDS analytics. Discover how at https://pds-online.com/

WE WANT TO HEAR FROM YOU

Let us know if there's a topic you want us to cover or an expert you would like us to interview. Email us at podcasts@mgma.com.

If you have opportunities and resources you'd like to share with MGMA members, go to Marketing with MGMA to find out how you can connect with the MGMA audience.

Ask An Advisor: Best Practices for Sign-On and Retention Bonuses

Welcome to the MGMA Podcast Network, your gateway to insightful discussions and expert analysis on key topics in healthcare management. Dive into a diverse array of shows tailored to meet the interests and needs of healthcare professionals like you. 

Explore the experiences and perspectives of trailblazing women in healthcare on "Women in Healthcare," or discover innovative strategies and solutions for your practice on "Business Solutions." Stay updated on the latest industry trends and news with "Week in Review," and gain valuable insights from industry leaders and MGMA members on "Member Spotlight." Don't miss our flagship show, "MGMA Insights," where we delve deep into the most pressing issues facing healthcare organizations today.

Whether you're seeking inspiration, practical advice, or in-depth analysis, the MGMA Podcast Network is your trusted companion on your journey towards excellence in healthcare management. Tune in and join the conversation today!

Business

Investing

Careers

Management & Marketing

Business News

Shopping

Medicine

Science & Medicine

Health & Fitness

In this episode of the MGMA Member Spotlight podcast, host Daniel Williams interviews Marie Eslick, Director of Human Resources at Apex Dermatology and Skin Surgery Center, about her strategies for managing HR in a rapidly growing dermatology practice.   Eslick shares the journey of Apex's expansion from one location to 14 locations across multiple cities. She underscores her commitment to fostering a robust organizational culture through recognition programs, clear communication of values, and employee engagement initiatives. Eslick's strategies for competitive benefits and compensation packages, streamlined recruiting and onboarding processes, and ensuring cultural fit for new hires have been instrumental in this growth. Main Takeaways:Prioritizing organizational culture and a people-first approach to support rapid growthImplementing recognition programs, clear values communication, and sponsorship of charity events  Negotiating competitive benefits packages and adding voluntary coverage optionsUtilizing applicant tracking systems and checklists to improve hiring and onboardingFocusing on cultural fit through phone screens and on-site interviewsNew MGMA Book
Eslick is also featured in the new MGMA book "Advanced Strategy for Medical Practice Leaders: Human Resources Management Edition."  Unlock the secrets to success in medical practice HR management with "Advanced Strategy for Medical Practice Leaders: Human Resources Management Edition. "Empower your team, optimize your organizational culture and chart a course toward excellence in HR management. Be sure to get your copy when this book comes out May 2024 and embark on a transformative journey toward building a stronger, more resilient medical practice. Foster a thriving workplace culture and unlock the full potential of your medical practice with this essential guide.  Sources Mentioned: 
Marie Eslick, Director of Human Resources at Apex Dermatology and Skin Surgery Center
Apex Dermatology website 
ADP applicant tracking and HR systems
 Miles for Melanoma charity event MGMA Resources:MGMA StatAsk an AdvisorMGMA MembershipMGMA ConsultingWE WANT TO HEAR FROM YOU
Let us know if there's a topic you want us to cover or an expert you would like us to interview or if you'd like to appear on the member spotlight podcast. Email us at dwilliams@mgma.com. If you have a question for our Sr Advisor Cristy Good, email advisor@mgma.com.

Walmart Business:
This episode of the MGMA podcast is brought to you by Walmart Business. It’s the Walmart you love, now for your business. Get everything you need for your staff & patients in one place. Enjoy big savings on health & safety products, cleaning supplies, OTC medications & much more. And don’t forget the break room snacks! Create a free account today and start shopping at business.walmart.com. Again, that’s business.walmart.com. 1st Call Triage
Introducing 1st Call Triage, your ultimate remote medical staffing solution! With their Office Hours Nurse Triage Line, Front Office Services including appointment scheduling and insurance verification, and Back Office Services managing medication refills and prior authorizations, 1st Call Triage, can streamline your practice's operations. Plus, their Remote Patient Monitoring (RPM) and Chronic Care Management (CCM) ensure comprehensive patient care. So Make the right call: 1st Call Triage is the first and only call you need for efficient, cost-effective, and high-quality medical staffing. Visit their website at 1stCallTriage.com to revolutionize your practice! Again, that's 1stCallTriage.com. MGMA Analytics:
"The popular buzzword we've been seeing everywhere is AI. But what we all want to know is how we can implement and use it to our advantage. When it comes to improving margins, accelerating cash flow, and optimizing staff performance, there's a one-stop shop using cloud-based predictive analytics. MGMA Analytics is your AI-enabled tool that upscales technology you're already paying for, so you can silo your disparate systems and make data-backed business decisions. Visit mgma.com/analytics and see how AI can revolutionize your finances and operations."  

MGMA Member Spotlight: Marie Eslick on Prioritizing Culture Through Strategic HR Insights

On this MGMA Week in Review episode, hosts Colleen Luckett and Daniel Williams discuss the latest results from the MGMA STAT poll on medical groups' value-based care strategies. They also explore strategies for supporting mental health in the workplace and highlight a new approach one health system took to medical debt collection that improved access to care. 
Links:
- MGMA STAT Poll: Latest results on medical groups' value-based contracting plans and the challenges of transitioning payment models. 
- Mental Health Awareness Month: Highlights from a Harvard Business Review article on strategies for organizations and individuals to support mental well-being at work. Tips for setting boundaries and taking breaks.
- Case Study: Why one New York health system stopped suing patients. Rochester Regional Health's shift to a more compassionate approach, focusing on helping patients access insurance, financial aid, and payment plans instead of aggressive collections, has had a profound positive impact. This new approach has not only improved access to care but also instilled hope and optimism in the healthcare community. 
Other Sources Mentioned:
- Women in Healthcare Podcast with Doral Jacobsen
- Doral Jacobsen's negotiation ninja webinar
- MGMA payer contracting seminar on June 19 MGMA Resources:MGMA StatAsk an AdvisorMGMA MembershipMGMA ConsultingWE WANT TO HEAR FROM YOU
Let us know if there's a topic you want us to cover or an expert you would like us to interview or if you'd like to appear on the member spotlight podcast. Email us at dwilliams@mgma.com or cluckett@mgma.com. If you have a question for our Sr Advisor Cristy Good, email advisor@mgma.com.

Walmart Business:
This episode of the MGMA podcast is brought to you by Walmart Business. It’s the Walmart you love, now for your business. Get everything you need for your staff & patients in one place. Enjoy big savings on health & safety products, cleaning supplies, OTC medications & much more. And don’t forget the break room snacks! Create a free account today and start shopping at business.walmart.com. Again, that’s business.walmart.com. 1st Call Triage
Introducing 1st Call Triage, your ultimate remote medical staffing solution! With their Office Hours Nurse Triage Line, Front Office Services including appointment scheduling and insurance verification, and Back Office Services managing medication refills and prior authorizations, 1st Call Triage, can streamline your practice's operations. Plus, their Remote Patient Monitoring (RPM) and Chronic Care Management (CCM) ensure comprehensive patient care. So Make the right call: 1st Call Triage is the first and only call you need for efficient, cost-effective, and high-quality medical staffing. Visit their website at 1stCallTriage.com to revolutionize your practice! Again, that's 1stCallTriage.com. MGMA Analytics:
"The popular buzzword we've been seeing everywhere is AI. But what we all want to know is how we can implement and use it to our advantage. When it comes to improving margins, accelerating cash flow, and optimizing staff performance, there's a one-stop shop using cloud-based predictive analytics. MGMA Analytics is your AI-enabled tool that upscales technology you're already paying for, so you can silo your disparate systems and make data-backed business decisions. Visit mgma.com/analytics and see how AI can revolutionize your finances and operations."  

MGMA Week in Review: Transitioning to Value, Prioritizing Mental Health, and a New Approach to Medical Debt

In this episode of the MGMA Insights podcast, host Daniel Williams interviews Scott Becker, founder and CEO of Becker's Healthcare. Becker, who will be a mainstage speaker at the upcoming MGMA Operations Conference in Chicago, shares his journey from law school to healthcare media, discussing how he built his influential platforms and multidisciplinary approach to healthcare law and finance. Becker discusses his unexpected path to law school and healthcare, detailing how he founded Becker's Healthcare by recognizing opportunities in digital media. He also discusses his passion for building successful teams and businesses, sharing insights on cultivating interests over time. The conversation also touches on his favorite Chicago sports memories, law school at Harvard with Barrack Obama, and strategies for managing multiple ventures effectively. Main Takeaways:
- Identify niche opportunities and double down on what works
- Cultivate passions and interests over time
- Build strong teams to allow you to focus on work you enjoy Resources:
- Becker's Healthcare
- Scott Becker on LinkedIn
- MGMA Operations Conference MGMA Resources:MGMA StatAsk an AdvisorMGMA MembershipMGMA ConsultingWE WANT TO HEAR FROM YOU
Let us know if there's a topic you want us to cover, an expert you would like us to interview, or if you'd like to appear on the member spotlight podcast. Email us at dwilliams@mgma.com. If you have a question for our senior advisor, Cristy Good, email advisor@mgma.com.

Walmart Business:
This episode of the MGMA podcast is brought to you by Walmart Business. It’s the Walmart you love, now for your business. Get everything you need for your staff & patients in one place. Enjoy big savings on health & safety products, cleaning supplies, OTC medications & much more. And don’t forget the break room snacks! Create a free account today and start shopping at business.walmart.com. Again, that’s business.walmart.com. 1st Call Triage
Introducing 1st Call Triage, your ultimate remote medical staffing solution! With their Office Hours Nurse Triage Line, Front Office Services including appointment scheduling and insurance verification, and Back Office Services managing medication refills and prior authorizations, 1st Call Triage, can streamline your practice's operations. Plus, their Remote Patient Monitoring (RPM) and Chronic Care Management (CCM) ensure comprehensive patient care. So Make the right call: 1st Call Triage is the first and only call you need for efficient, cost-effective, and high-quality medical staffing. Visit their website at 1stCallTriage.com to revolutionize your practice! Again, that's 1stCallTriage.com. MGMA Analytics:
"The popular buzzword we've been seeing everywhere is AI. But what we all want to know is how we can implement and use it to our advantage. When it comes to improving margins, accelerating cash flow, and optimizing staff performance, there's a one-stop shop using cloud-based predictive analytics. MGMA Analytics is your AI-enabled tool that upscales technology you're already paying for, so you can silo your disparate systems and make data-backed business decisions. Visit mgma.com/analytics and see how AI can revolutionize your finances and operations."  

MGMA Insights: Unlocking Healthcare Media Success with Scott Becker

In this episode, host Daniel Williams meets with Amy Lafko to explore her transformative journey from physical therapist to healthcare consultant. Listeners will learn about Amy's career progression, from her initial experiences in a trauma hospital to her pivotal roles in rehabilitation and urgent care settings and, ultimately, her shift into consulting. She shares key lessons on team building, the importance of mentorship, and her development of the people-first methodology that underpins her current consulting practice. Key Takeaways:Transition from clinical physical therapy to leadership and consulting roles in healthcareUtilization of mentorship and continuing education to navigate career changes and leadership challengesDevelopment of the people-first methodology to enhance employee satisfaction and patient careStrategic adaptation to hybrid and remote work environments in healthcare settingsEmphasis on continuous learning and development, highlighted by participation in programs like the Goldman Sachs 10,000 Small Businesses initiativeAdvocacy for operational changes that prioritize team engagement and support within healthcare practicesSources and Resources:Amy Lafko’s Professional Profile on MGMAPeople First: A Proven Method for an Exceptional Healthcare Practice (Book by Amy Lafko)Amy’s insights on emotional intelligenceAmy on better communicationMGMA Resources:MGMA StatAsk an AdvisorMGMA ConferencesMGMA ConsultingWE WANT TO HEAR FROM YOU
Let us know if there's a topic you want us to cover or an expert you would like us to interview or if you'd like to appear on the member spotlight podcast. Email us at dwilliams@mgma.com. If you have a question for our Sr Advisor Cristy Good, email advisor@mgma.com.

Walmart Business:
This episode of the MGMA podcast is brought to you by Walmart Business. It’s the Walmart you love, now for your business. Get everything you need for your staff & patients in one place. Enjoy big savings on health & safety products, cleaning supplies, OTC medications & much more. And don’t forget the break room snacks! Create a free account today and start shopping at business.walmart.com. Again, that’s business.walmart.com. 1st Call Triage
Introducing 1st Call Triage, your ultimate remote medical staffing solution! With their Office Hours Nurse Triage Line, Front Office Services including appointment scheduling and insurance verification, and Back Office Services managing medication refills and prior authorizations, 1st Call Triage, can streamline your practice's operations. Plus, their Remote Patient Monitoring (RPM) and Chronic Care Management (CCM) ensure comprehensive patient care. So Make the right call: 1st Call Triage is the first and only call you need for efficient, cost-effective, and high-quality medical staffing. Visit their website at 1stCallTriage.com to revolutionize your practice! Again, that's 1stCallTriage.com. MGMA Analytics:
"The popular buzzword we've been seeing everywhere is AI. But what we all want to know is how we can implement and use it to our advantage. When it comes to improving margins, accelerating cash flow, and optimizing staff performance, there's a one-stop shop using cloud-based predictive analytics. MGMA Analytics is your AI-enabled tool that upscales technology you're already paying for, so you can silo your disparate systems and make data-backed business decisions. Visit mgma.com/analytics and see how AI can revolutionize your finances and operations."  

Consultants Corner: Putting People First for Better Healthcare Outcomes

Join hosts Daniel Williams and Colleen Luckett in this comprehensive MGMA Week in Review episode as they explore pressing healthcare issues today. From the latest cybersecurity measures to groundbreaking research in Alzheimer's disease and innovative strides in nursing education, this episode covers a spectrum of topics critical to healthcare professionals. Gain valuable insights and tips to safeguard your practice, understand genetic influences on Alzheimer's, and learn about new methodologies shaping the future of nursing. 
Sources and Resources Discussed:Medical Economics: Article by Sanjay Bhakta on cybersecurity defenses in the age of generative AI.Becker's Hospital Review: Article discussing new research on the genetic links to Alzheimer's disease.Fierce Healthcare: Article on the need for evolving nurse education by Amber Cools.Colorado Legislative Website: Information on new bills passed for investing in healthcare workforce education.MGMA Stat Poll: Results and analysis on how healthcare providers handle patient payment options.
MGMA Resources:MGMA StatAsk an AdvisorMGMA MembershipMGMA Consulting
WE WANT TO HEAR FROM YOU
Let us know if there's a topic you want us to cover or an expert you would like us to interview or if you'd like to appear on the member spotlight podcast. Email us at dwilliams@mgma.com. If you have a question for our Sr Advisor Cristy Good, email advisor@mgma.com.

Walmart Business:
This episode of the MGMA podcast is brought to you by Walmart Business. It’s the Walmart you love, now for your business. Get everything you need for your staff & patients in one place. Enjoy big savings on health & safety products, cleaning supplies, OTC medications & much more. And don’t forget the break room snacks! Create a free account today and start shopping at business.walmart.com. Again, that’s business.walmart.com. 1st Call Triage
Introducing 1st Call Triage, your ultimate remote medical staffing solution! With their Office Hours Nurse Triage Line, Front Office Services including appointment scheduling and insurance verification, and Back Office Services managing medication refills and prior authorizations, 1st Call Triage, can streamline your practice's operations. Plus, their Remote Patient Monitoring (RPM) and Chronic Care Management (CCM) ensure comprehensive patient care. So Make the right call: 1st Call Triage is the first and only call you need for efficient, cost-effective, and high-quality medical staffing. Visit their website at 1stCallTriage.com to revolutionize your practice! Again, that's 1stCallTriage.com. MGMA Analytics:
"The popular buzzword we've been seeing everywhere is AI. But what we all want to know is how we can implement and use it to our advantage. When it comes to improving margins, accelerating cash flow, and optimizing staff performance, there's a one-stop shop using cloud-based predictive analytics. MGMA Analytics is your AI-enabled tool that upscales technology you're already paying for, so you can silo your disparate systems and make data-backed business decisions. Visit mgma.com/analytics and see how AI can revolutionize your finances and operations."  

Ask An Advisor: Best Practices for Sign-On and Retention Bonuses

Download our free app to listen on your phone