Knoxville, TN (PRWEB) July 01, 2014
In pursuit of the “Triple Aim” of better quality of care, improved health outcomes, and enhanced efficiency, hospital trustees should explore opportunities to link hospital executive compensation to the achievement of well-defined performance measures, according to a new PYA white paper.
“Rethinking Hospital Executive Compensation: Focus on the Triple Aim,” zeroes in on how new hospital performance measures impact financial performance. It then examines how trustees can evaluate and reward hospital executives for improving performance on those key metrics.
The white paper provides a concise summary of hospital pay-for-performance programs and the broader implications of those programs. It then discusses how trustees can promote quality by tying executive compensation to non-financial performance measures. The white paper offers examples of at-risk compensation models used by hospitals to promote the Triple Aim.
According to the white paper, “Knowledgeable trustees committed to leading the hospital in service to the community now have the opportunity to more directly participate in the process to deliver on better quality of care, improved health outcomes, and enhanced efficiency.”
PYA assists hospital leaders by facilitating dialogue in the board room, providing trustees and management with educational opportunities about governance issues, and assisting with compensation model design. By arming trustees with this information, PYA can help hospital organizations set their sights on the Triple Aim, better preparing them to hit their target.
For more information about PYA’s approach to integrated governance, please contact Marty Brown, Debbie Ernsberger, or Jeff Ellis at PYA, (800) 270-9629.
About PYA - Ranked by “Modern Healthcare” as the nation’s 10th largest privately held healthcare consulting firm, PYA serves healthcare clients in 48 states. PYA and its affiliate companies - Realty Trust Group, PYA Waltman Capital, Healthcare Horizons Consulting Group, and PYA Analytics - have more than 270 employees.