IMGMA SALARY AND BENEFITS SURVEY

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IMGMA SALARY AND BENEFITS SURVEY
Presented by Kathy Rokita
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INTRODUCTION

• Somerset has been providing the Salary and
  Benefits Survey to IMGMA since the late 1980s.
• As part of our value-added improvements for the
  2008 survey, we offered to provide participants
  with their practice-specific benchmarking result,
  outlining their individual survey standing
  compared to other practice groups surveyed.
• This year we will add more trending analysis.
• Participation is Key! Greater participation will
  make the survey report even more valuable and
  credible to you.
• Response rate in 2008 was 36

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Purpose and Use

• The survey is designed to be a benchmarking tool
  for medical practices to assess annual
  compensation and benefit patterns of their
  administrative and clinical staff
• Results are confidential and data is suppressed
  if less than 3 responses are received for a
  specific data category
• As a result, when the response rate is low, the
  reported statistics could change with the
  addition of only a few more responses

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How to Interpret the Results

• Statistics are displayed in tables showing the
  following
• No. The number of employees reported for each
  position
• Mean Average of all salary/wages for each
  position.
• Std. Dev. Standard deviation represents the
  variance on either side of the mean (small std.
  dev. means there is not a wide distribution or
  variance in that category
• Median The middle or midpoint salary/wage of
  all responses for a category
• 25th percentile the salary at which 25 of the
  responses are lower and the rest are greater
• 75th percentile - the salary at which 75 of the
  responses are lower and the rest are greater
• 90th percentile - the salary at which 90 of the
  responses are lower and the rest are greater
• Bonus Mean The average of all bonuses for each
  position
• Bonus No. The number of employees that receive
  a bonus

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How to Interpret the Results

• Mean and median are most often used for
  comparisons.
• If participation is low, the median is most
  recommended statistic for comparisons, since it
  is the midpoint of all data.
• Mean (average) data can be skewed by extremely
  high or low values especially if there is a low
  number of responses for a that particular category

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What do the results mean for me?

• Compare your specific data to the report median
  or mean (or have us do it)
• Does the difference indicate your group is
  significantly out of line with most or all
  categories? A substantial difference identifies
  and area or category that might need review.
• Are the differences explainable? (based on
  definitions, special circumstances, tenure or
  organization objectives).

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Interesting Findings and Trends

• Recent Development Shorter Tenure Higher
  Salary for Executive Level Positions
• Variations from year to year may not be the
  result of true market adjustments, but also a
  result of changes in the responding population or
  shifts in duties and responsibilities

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Five Year TrendsExecutive Level Positions
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Five Year TrendsAdministrative Staff Positions
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Five Year TrendsClinical Level Positions
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MANAGEMENT COMPENSATION Administrator
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MANAGEMENT COMPENSATIONOTHER MANAGEMENT
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NURSING AND OTHER PROFESSIONALS
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HEALTH BENEFITS
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COMPENSATION INCREASE
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STAFFING BENCHMARKS
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What Next?

• What can we do to improve participation?
• What can we to do improve the process (timing,
  ease of completing, etc).
• What can we do to improve the report and final
  product?

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DEFINITIONS OF MANAGEMENT

• CEO/Executive Director/COO/Administrator (the
  Boss)
• Administers, directs and coordinates all
  activities of the practice/group to carry out its
  objectives. Is responsible for the operation of
  the institution, for the application and
  implementation of established policies, for
  liaison with the governing authority, the medical
  staff and the control and effective utilization
  of the physical and financial resources. Has the
  authority for employment and termination of staff
  employees
• Chief Financial Office (CFO)
• Plans, organizes and directs all aspects of the
  financial department including, the
  development/administration of policies on
  finance, accounting, insurance, internal
  controls, budget, auditing, payroll, benefits and
  claim processing

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DEFINITIONS OF MANAGEMENT CONT

• Controller
• Supervises accounting department staff.
  Maintains and organizes financial accounting
  systems including accounts payable, general
  ledger, employee payroll, cash disbursements and
  receipts prepares financial statements and
  maintains tax information.
• Marketing Director
• Plans, organizes and directs all marketing
  activities for the group/practice. Participates
  in professional development activities and
  maintains professional affiliations. Manages and
  integrates various functions of the department
  including, employment, compensation, benefits,
  employee relations and training.
• Office Manager/Satellite Manager
• Implements policies and procedures of the
  practice/group. Supervises the clerical staff.
  Analyzes requisitions, purchases and other
  business information, reporting results to CEO or
  Managing Physician. Not responsible for employee
  discipline and discharge matters. Is involved in
  hiring new employees

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OTHER MANAGEMENT DEFINITIONS

• Assistant Administrator/Director of Operations
• Responsible for assisting and consulting with
  the Administrator or Executive Director in
  providing leadership, direction, growth and
  administration of operations to ensure
  accomplishments of objectives. Oversees the
  operations of major departments. Provides direct
  supervision of office managers and department
  managers
• Business Office Manager
• Directs and coordinates the overall functions of
  the Business Office to ensure maximization of
  cash flow while improving patient, physician and
  other customer relations. Plans and directs
  patient insurance, billing and collections and
  data entry to ensure accurate patient billing and
  efficient account collection
• Human Resources Manager
• Directs and coordinates the activities of the
  Human Resources department to ensure compliance
  with all federal and state regulations. Is
  responsible for all human resource and personnel
  functions, including, hiring, firing,
  compensation and employee benefit programs. May
  or may not supervise other employees. Usually
  reports to the Chief Operating Officer or
  Administrator

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OTHER MANAGEMENT DEFINITIONS CONT

• Billing Manager/Patient Account Manager
• Responsible for managing, supervising and
  coordinating activities of the Billing Department
  or Patient Accounting Department including the
  data entry of all office and hospital charges.
  This may also include coding specialists,
  collection staff and coordinating the activities
  of outside collection agencies
• Information Systems Supervisor
• Manages daily operations of computer activities
  by directing staff. Oversees the computer system
  and assures that all computers and associated
  equipment are operational at all times. Uses the
  computer system to run regularly scheduled and
  special project functions. Interfaces with the
  system's support personnel. Oversees programming
  and system implementation.

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QUESTIONS

• Kathy Rokita
• 3925 River Crossing Parkway
• Third Floor, Post Office Box 40368
• Indianapolis, IN 46240-0368
• 317-472-2238
• krokita_at_somersetcpas.com