Ashford Healthcare Administration Compensation in The Health Care Sector Essay

Purpose: The purpose of this assignment is to:

1. evaluate and compare different strategies compensation (i.e., ‘base salary’ ranges within healthcare;
2. evaluate and compare different benefits plans within healthcare.
3. evaluate and compare how geography and other demographic factors influence compensation strategies;
4. evaluate and discuss different ways to “incent” performance (i.e., bonuses); and
5. evaluate and discuss how healthcare organizations can leverage ‘total’ compensation packages to be more competitive in recruiting and retaining healthcare professionals and staff and to ensure produce overall performance (output).

Requirements: This is a small group project (no more than 3 students per group).

Part 1: Key Terms, Background, Key Trends

1) Define key terms – compensation, benefits, incentive plans, base salary and any other specific benefits that are new terms for you.

2) Discuss background information how compensation & benefits strategies have changed overtime in healthcare

3) Identify current and future trends (predictions) in compensation and benefits for people employed in healthcare

Part 2: Compensation Strategies

Step 2: Investigate and compare different compensation strategies (i.e., base salary, incentive compensation plans, etc.) used to compensate:

1. healthcare administrators (entry-level, mid-level, and executive)
2. healthcare professionals (pick 2*; compare entry-level salaries/ranges to ranges for professionals with 3-5 years of experience)
3. general clerical staff

Part 3: Benefits Plans

Step 3: Investigate, describe and compare different benefit plans offered by: 1) “corporate” healthcare organizations; 2) health systems (hospitals); and private (smaller) healthcare practices.

Part 4: Factors Influencing Compensation Strategies

Step 4: Evaluate and compare how geography and other demographic factors influence compensation strategies. Use specific examples.

Part 5: Incentives

Step 5: Evaluate and discuss different ways to “incent” performance in healthcare; see also data collected in Part 2.

Part 6: Compensation – Impact on Recruitment, Retention and Performance

Step 6: Evaluate and discuss how healthcare organizations can leverage ‘total’ compensation packages to be more competitive in recruiting and retaining healthcare professionals and staff and to ensure productive overall performance (output). Use examples and data to support your evaluation and discussion.