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201 exam 2
Compensation
| Question | Answer |
|---|---|
| who determines payment and reimbursement in PT? | insurances, federal gov, state gov, 3rd party payors |
| Multiple procedure payment reimbursement (MPPR) currently used by Medicare | pays the first procedure in full, next two in 50% |
| how do large insurance companies merging affect competition? | decrease |
| biggest motivators for professionals | team, opportunity, purpose (TOP) |
| three kinds of compensation | hourly or monthly, base salary plus performance pay, performance based pay |
| hourly/monthly salary | Individual is paid regardless of performance Difficult system in the changing landscape of health care reimbursement No “employee ownership mentality” All employer risk |
| base salary plus performance | Base pay for standard work Performance pay for production or collections This system rewards staff who perform and penalizes those who don’t perform becoming more prevalent shared risk b/n employer/employee |
| performance based pay | Paid on pure production Revenue model- employee paid a % of revenue Volume model-employee paid based on units of production employee risk |
| Research is indicating that____ ____ pay has a direct positive relationships with employee’s attitudes. | performance based |
| what really is included in your compensation | paycheck, benefits |
| what can a benefit package include? | medical, dental, vision, continuing ed, short term disability, long term disability, APTA membership, vacation, sick leave, life insurance ** you should have disability, drug coverage, can you add dependents? continuing ed, APTA, license fees paid |
| what should you look for in your medical benefits? | what is your contribution, deductible, co pay, coinsurance, benefit plan |
| what should you look for in your vacation benefits? | how much, how accrued, when can you take it |
| what should you look for in your sick leave? | how much and how is it accrued personal time available or not? |
| what types of practice use shared risk compensation models? | MD, DO, DDS, DC , ARNP and PAC practices |
| Physical Therapy is about ___ years behind other professions when it comes to compensation systems | 10 |
| With the ____ ____ compensation system, some individuals are adding as much as $8,000 to $10,000 dollars per year to their yearly compensation | collection based (base salary plus collection based compensation) |
| collection based compensation bonus | Every therapist is given a bench mark to reach which includes that therapist’s percentage of the total costs of the clinic |
| what do costs of the clinic include in collection based compensation bonus? | all expenses of the clinic plus a dollar amount which is retained in the clinic for capital expenses, growth opportunities and at least two months of cash to met expenses in case of interruption of business |
| why does collection based bonus model work? | shared risk Staff can be compensated for their performance Rewards high performers and penalizes low performers Encourages top performance of job Reduces the costs of unmotivated personnel which impact the bottom line |
| how can performance be measured for compensation? | Key Performance Indicators for the entire company Direct Benefit Matrix Other measures as well are available. |
| KPI | key performance indicators |
| what does KPI include | Data collected which measures performance of the clinic, rehab unit or department. Data collected which measure the performance of the providers |
| what does KPI measure? | what is important for the success of the business or the provider concrete information to guide the actions of the business or provider Data that can serve as motivators and governors for everyone in the clinic |
| examples of key performance indicators | Visits per week or month (clinic wide or per provider) Evaluations per week (clinic wide or per provider) Units billed per visit Cancellation and no show rate Net promoter score (clinic wide and per provider) |
| why collect KPI data? | Snapshot of the clinic or rehab unit daily, weekly or monthly Continued monitoring of the business Clear and logical performance indicators for the staff Can be data used for compensation, raises and advancement |
Created by:
bdavis53102
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