PRIVATE PRACTICE - AC23 - Designing Effective Employee Compensation Models: A case study approach.
Recorded On: 11/03/2023
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This course was recorded on November 3, 2023 | Course Level: Intermediate
Today's workforce carries an unprecedented debt load, demands higher salaries, and cites "work-life" balance as a top priority. Most employees expect pay to be commensurate with experience/knowledge/clinical skill rather than production. However, most practice owners agree that the traditional "full salary" compensation model historically utilized by our profession is not a good strategic fit and conflicts with third-party reimbursement methodology. Notwithstanding, the "full salary" model continues to be the prevailing compensation model across the country. Practice owners/executives often lack the time or knowledge to make a change, and many fear how staff will perceive a compensation approach that guarantees anything less than a full salary, irrespective of individual performance.
This session will provide an overview of the current literature on this topic, a detailed description of the strategic decisions needed when designing alternative compensation models, ethical and regulatory considerations, and an overview of the best practice rollout strategy. Through a case study approach, 3 separate practice owners/executives from AZ, WA, and UT will present a summary of the types of alternative compensation models they have introduced at their respective companies, along with a summary of the behavioral and objective metric changes that have occurred as a direct result of the introduction of their compensation models. They will also discuss the process through which they ensured that introducing alternative variable compensation models protected/enhanced practice profitability regardless of individual therapist performance. Ample time for audience Q and A will be provided at the end of the presentation.
Upon completion of this course, the participant should be able to:
1. Describe at least 2 conclusions consistently described in the literature regarding the relative effectiveness of traditional (full salary+bonus) compensation models.
2. List at least 3 key components of an effectively designed variable compensation model.
3. Describe 3 best practice communicative strategies as they relate to the introduction of alternative compensation models.
4. Describe "compensation as a % of revenue" in designing variable compensation models that protect practice profitability.
5. Describe the Dept of Labor-Minimum Salary Requirement's role in designing variable compensation models for Physical Therapists.
Jason M. Wambold, MSPT
Co-Founder/Managing Partner
OnusOne/Pay for Performance Solutions, LLC
Jason has 24 years of leadership experience in the rehab industry. In 2016, he cofounded OnusOne, an online employee compensation portal system currently used in 33 states in the US. He recently began consulting with newly developing physical therapy programs that want to introduce curriculum content to better prepare future therapists to excel under variable compensation models. Jason regularly speaks on the topic of variable compensation at national, state, and regional conferences. He has recently authored 2 APTA PPS Impact magazine articles and regularly contributes to various podcasts and webinars in the US and abroad.
Disclosure(s): No financial relationships to disclose
Jason Lobb, PT, MPT, OCS
COO
Mountain Land Physical Therapy
I am currently employed as the Chief Operating Officer for Mountain Land Rehabilitation. Mountain Land was founded in 1984 and is a provider of Physical, Occupational, and Speech Therapy throughout the inter-mountain West. With 41 outpatient clinics and a handful of inpatient contracts, Mountain Land is a diverse organization that demands a strong operational structure to succeed. My role provides me the opportunity to work alongside our CEO as we create and manage the operational structure across all lines of service that support our core values.
Disclosure(s): No financial relationships to disclose
LaRissa Shaps, PT, DPT,
Director of Clinic Operations
Spooner
LaRissa Shaps, PT, DPT, FAFS, is the Director of Clinic Operations for Spooner and is also a member of their Executive Team. She has been with the Spooner team since graduating from Creighton University in 2010 and has been in leadership for the last ten years. LaRissa plays a key role in the success of Spooner’s company operations, as she has a wide variety of operational experiences. She has been the primary driver of the company’s transition to a performance pay model, which demonstrates her commitment to progressive practice and innovation. She is passionate about elevating the profession of physical therapy, and enjoys networking with like-minded professionals.
Disclosure(s): No financial relationships to disclose
Bob Thomas, PT
Founder / CEO
Achieve Physical Therapy
Bob Thomas is the founder and CEO of Achieve Physical Therapy, a 5-clinic private practice located outside of Boston, Massachusetts. He brings more than 20 years of healthcare leadership, private practice expertise, and leadership experience to his role with the company.
Bob oversees the vision and strategy of Achieve Physical Therapy, focusing on leadership, culture, and people. He believes organizations need to be both smart and healthy to maximize their full potential.
Before founding Achieve Physical Therapy, Bob practiced as a licensed physical therapist and certified athletic trainer in the private practice sector. Bob earned his Bachelor of Science in Athletic Training from Ithaca College and a Master of Science in Physical Therapy from the University of Miami. Bob also holds a Board Certification as a Clinical Specialist in Sports Physical Therapy.
Bob enjoys playing hockey and CrossFit, coaching his children in youth sports, and spending time with his wife and 3 children outside of work.
Disclosure(s): No financial relationships to disclose
Course Instructions
- Click on the Contents tab to watch the course recording.
- Click the Take Quiz button to complete the assessment. Learners will have 3 attempts to pass and must answer at least 70% of questions correctly.
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- Click the View/Print Your Certificate button under the Certificate listing. You can view/print your certificate at any time by visiting the APTA Learning Center and clicking the CEU Certificate/Transcript link on the left-hand side of the page.
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