In today’s competitive healthcare landscape, provider retention is more critical than ever. One of the most effective ways to foster strong relationships with providers and build trust is through transparency in compensation. When providers have access to clear, accurate, and real-time pay information, they are more engaged, satisfied, and less likely to leave for another opportunity.
Hallmark’s next-generation Heisenberg II platform delivers the tools necessary to achieve this transparency, enabling healthcare organizations to improve provider relationships and drive retention.
Why Transparent Compensation Matters
A lack of clarity in provider compensation can lead to frustration, distrust, and even turnover. In contrast, organizations that prioritize honest conversations about pay and provide easy access to compensation data can build stronger, lasting relationships with their providers. Here are three ways transparency in compensation benefits both providers and healthcare organizations:
1. Trust and Engagement: When providers understand their pay structure and see that their compensation is fair, they are more engaged in their work and more committed to their organization.
2. Retention and Satisfaction: Organizations that eliminate pay discrepancies and errors prevent dissatisfaction, reducing the risk of losing valuable talent.
3. Data-Driven Decisions: When providers have access to industry benchmarks and peer comparisons, they can see how their compensation aligns with the broader market, reinforcing confidence in their employer.
How Heisenberg II Enhances Provider Compensation Transparency
The latest enhancements to the Heisenberg II platform provide healthcare organizations with powerful tools to ensure fairness, accuracy, and clarity in provider pay. These new capabilities include:
- Customizable Compensation Elements: Organizations can tailor compensation structures to fit any performance-based, value-based, or hybrid pay arrangement, ensuring alignment with evolving workforce models.
- Eliminating Pay Errors: By reducing or completely removing errors in provider pay, organizations avoid uncomfortable conversations about incorrect payments and never have to ask for money back from a provider.
- Clear, Easy-to-Understand Pay Views: Providers can access a simplified, transparent breakdown of their compensation, ensuring they know exactly what they are being paid and why.
- Benchmarking and Peer Comparisons: With access to real-time data, providers can see where they stand compared to industry standards and their peers, reinforcing trust in their compensation package.
- Provider-First Mobile App: The new, user-friendly mobile application allows providers to track their pay, performance, and compensation details in near real-time, fostering greater engagement and autonomy.
- On-Demand Pay Requests: Providers can request specific one-time bonuses or other pay-related adjustments directly within the platform, streamlining compensation discussions and approvals.
Why You Need to Move Beyond Spreadsheets and Third-Party Systems
If you’re managing provider compensation with an Excel spreadsheet or a third party that doesn’t prioritize provider experience, your providers are essentially flying blind. They don’t see how their compensation is calculated and are at a higher risk of being paid incorrectly—an issue that can lead to frustration and distrust.
Research has shown that 94% of spreadsheets contain errors (Panko, R. (2015, Jul 9). When providers are not paid correctly and don’t understand how their pay is calculated, it creates unnecessary tension, dissatisfaction, and, ultimately, higher attrition rates.
This is especially concerning given that provider turnover is already a major issue—provider groups experience 7% turnover, while hospital groups see provider turnover rates as high as 28%. Additionally, compensation is becoming more complex. The percentage of physicians paid through a combination of two or more methods increased from 48.2% in 2012 to 61.0% in 2022. With value-based care continuing to grow, the complexity of payments will only increase.
To address these challenges, you need a system that clearly articulates pay in a provider-friendly way and allows providers to be an active participant in the process. A transparent and efficient compensation management solution, like Heisenberg II, reduces turnover (by an average of 10%) and increases operational efficiency—delivering long-term benefits for both providers and healthcare organizations.
Building a Future of Trust and Retention
By prioritizing transparency and providing providers with the tools they need to understand and manage their compensation, healthcare organizations can build a more engaged and loyal workforce. The enhancements in Hallmark’s Heisenberg II platform make it easier than ever to foster trust, reduce turnover, and strengthen provider relationships.