Ask An Advisor: Best Practices for Sign-On and Retention Bonuses

In this episode of MGMA's Ask An Advisor podcast, we feature Senior Advisor Cristy Good talking about best practices for building out sign-on and retention bonuses at medical practices. MGMA Resources discussed: MGMA Stat on Bonuses: https://www.mgma.com/mgma-stats/after-a-year-of-pandemic-tumult-medical-practices-consider-bonuses-to-attract-top-talent MGMA Stat on Nurse Recruitment: https://www.mgma.com/mgma-stats/nurse-recruitment-and-hiring-after-the-great-resignation-still-a-major-challenge More Resources: Labor Market: https://www.shrm.org/resourcesandtools/hr-topics/compensation/pages/employers-rely-on-incidental-bonuses-amid-tight-labor-market.aspx SHRM: https://www.shrm.org/resourcesandtools/hr-topics/compensation/pages/incidental-bonuses-alternative-rewards.aspx AAFP: https://www.aafp.org/pubs/fpm/issues/2022/0500/p5.html Investopedia on Retention: https://www.investopedia.com/terms/r/retention-bonus.asp Retention and Bonuses: https://www.workhuman.com/blog/retention-bonus-agreement/ HBR on Bonuses: https://hbr.org/2023/02/do-retention-bonuses-pay-off SPONSOR: PDS (Practice Data Solutions): Unlock the full potential of your healthcare data with Practical Data Solutions! Benchmarks take on new meaning when blended with Key Performance Indicators like Expense, Productivity, Scheduling and Patient satisfaction data. Optimize your reporting to make better decisions with PDS analytics. Discover how at https://pds-online.com/ WE WANT TO HEAR FROM YOU Let us know if there's a topic you want us to cover or an expert you would like us to interview. Email us at [email protected]. If you have opportunities and resources you'd like to share with MGMA members, go to Marketing with MGMA to find out how you can connect with the MGMA audience. Allied Medical Waste is the premier medical waste and document shredding company for medical groups all over the United States. On average, Allied helps medical groups save up to 50% on their monthly costs. Allied is known for their great service and impeccable response times. Reach out today for a free quote! Allied has a special offer for all MGMA members: the first 2 months FREE of charge!Connect with us at [email protected] or call (801) 328-8581.