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An Industry in Transition
"As boards assess organizational strategy, they must also assess their leadership strategy. Has the board assembled a leadership team that can operate successfully in a crisis?"
–Steve Sullivan, Managing Director, Chicago
Healthcare is one of the most rapidly changing industries, significantly impacted by ongoing changes in regulations, business models, and public health. We develop innovative and integrated compensation programs that help organizations make the transition from yesterday’s way of doing business to an approach that’s directly aligned with the changes happening now and those projected to occur in the near future. Pearl Meyer is uniquely positioned to help you achieve your goals: independent and more individual client-focused than the industry giants, yet more comprehensive in perspective and capability than single-industry firms that may rely on formulae and prevalent practices.
Our Approach to Healthcare Compensation
Management teams and boards in healthcare today require a mix of medical expertise and healthcare business experience, and may benefit from new executive talent from outside the field. They are tasked with operating successfully in a fee-for-service mode, while simultaneously moving to new models of reimbursement. And are doing so amidst increasingly urgent public health crises. Compensation can play a critical role in balancing these complexities, particularly when approached in a holistic manner and incorporating leadership development and succession planning objectives.
We base each unique engagement on the business, operations, mission, and leadership goals of the organization, allowing external market practices to provide context. We then help guide the implementation, communication, review, and revision of plans to ensure success. The goal is achievement of business transformation that results in long-term value creation, whether the entity is not-for-profit, corporate, or government-based.
How We Design Executive Compensation Programs
Compensation Services and Capabilities
Strategic Alignment
- Alignment of compensation with business and leadership strategies
- Recruitment, retention, and motivation of top-performing leadership teams
- Short- and long-term incentive design
- Leadership development and succession planning
Sophisticated Analytics
- Peer group definition/competitive assessment
- Performance metric selection and calibration
- Pay-for-performance calibration
- Risk assessment
- Costing analysis
- In-depth survey data
- Leadership assessment and evaluation tools
Compliance Confidence
- Corporate and not-for-profit regulatory compliance reviews
- Governance assessment and recommendations
- CD&A disclosure communication
- Form 990 disclosure communication
Tailored Solutions
Our focus on strategic alignment for board, executive, physician, and broad-based compensation programs is bolstered by the industry’s most comprehensive and sophisticated analytics. We ensure airtight compliance and facilitate the effective communication of programs which results in a tailored solution. The goal is providing a holistic approach that builds great leadership teams and gives your organization a competitive advantage in a swiftly-changing healthcare marketplace.
A Wealth of Data to Understand Market Practices
In addition to the extensive cross-industry executive compensation data available through Pearl Meyer's survey business unit and its partner Main Data Group, our Hospitals and Health Systems Executive Compensation and Benefits Survey provides granular, industry-specific information to inform plan design.
This long-standing annual survey (previously managed by Yaffe and Company) provides compensation and benefits data for 23 executive positions, and in 2020, covered a total of 169 organizations from 37 states. Our national report tracks current trends and key findings in near real-time as the industry responds to transformation.