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In the past decade, use of physician work relative value units (wRVUs) in physician compensation plans has become a highly popular practice. Much of the healthcare industry, including most valuators, establish physician compensation rates based on assumptions about the relationship between compensation and wRVUs in the MGMA and other survey data. Indeed, many valuators use survey data exclusively for fair market value (FMV) purposes based on assumptions about this relationship. New research has recently emerged, however, showing the relationship between compensation and wRVUs is not what much of the industry has assumed. The data presents a very different picture of this relationship, creating new questions about how wRVUs and survey data should be used in developing FMV compensation opinions.Join Tim Smith for a presentation on the new ground-breaking research showing the reality of the data when it comes to the relationship between physician production metrics like wRVUs and physician compensation. He will provide an in-depth and data-driven analysis of the relationship between compensation and production in the MGMA data. Co-presenter Ashley Artibee with MGMA will speak in-depth about the data. Attend and learn the solutions for using production and compensation data appropriately in valuing physician compensation.
Program Agenda
Overview of industry usage of survey data for physician compensation and FMV
Understanding the characteristics and design of physician compensation survey data as the prelude to its appropriate usage
Evaluating the relationship between total compensation, production, and compensation-to-production ratios in the data
Scatter-plot diagrams of the data
Quartile data: compensation by quartile of production
Linear regression analysis
Starting salary data for new-hire physicians
Appropriate use of survey data for benchmarking, analysis, and valuation
Review of MGMA’s survey products and how to use them
Learning Objectives
Describe industry current usage of survey data for valuing physician clinical compensation
Identify the reality of how physician production measures, such as wRVUs, impact compensation levels
Understand the complexity and diversity of compensation outcomes in the data and what the data indicate about the physician marketplace
Utilize MGMA’s extensive data filters and reporting options to benchmark the right data in compensation planning
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