Provider Compensation Analyst- Hybrid

Centra Health - Lynchburg, VA

Full-time

Lynchburg, VA

Hospitals

About the position

The Provider Compensation Analyst plays a crucial role in ensuring that Centra Medical Group remains competitive and equitable in its compensation practices for healthcare providers. This position involves conducting extensive data mining related to both national and local compensation trends, which is essential for developing compensation models that align with the organization's business needs. The analyst will be responsible for analyzing and interpreting market data to build and maintain these models, which are vital for recruiting and retaining top provider talent. The role requires minimal oversight, allowing the analyst to work independently while still collaborating with various stakeholders within the organization. In addition to data analysis, the Provider Compensation Analyst will implement compensation plans for new hires in collaboration with the Director of Provider Compensation. This includes developing term sheets for physicians and Advanced Practice Providers (APPs) and providing consultation services regarding compensation arrangements. The analyst will also be tasked with creating multiple compensation projection models for individual providers, conducting sensitivity analyses, and ensuring that all compensation arrangements are commercially reasonable and compliant with Fair Market Value standards. The position requires strong communication skills, as the analyst will present compensation arrangements and offers in weekly committee meetings with senior leaders. Maintaining accurate electronic records of compensation models and methodologies is also a key responsibility. The analyst will assist in quality reviews of provider term sheets and contracts, ensuring that benchmarking data is continuously updated for accuracy and relevance. Collaboration with finance, legal, compliance, and other departments is essential for integrating and disseminating information related to provider compensation. Additionally, the analyst will oversee the collection and submission of market survey data, contributing to process improvement initiatives aimed at enhancing departmental efficiency.

Responsibilities

• Collects, analyzes, and interprets market data to build and maintain compensation models for physicians and providers.
• Implements compensation plans for all new hire recruits in conjunction with the Director of Provider Compensation.
• Collaborates with team members and senior leaders to develop term sheets for physicians and Advanced Practice Providers (APPs).
• Provides compensation consultation services as needed.
• Consults on compensation arrangements and meets with physicians and APPs to present and discuss compensation arrangements.
• Creates multiple compensation projection models for individual providers while conducting sensitivity analyses and reviewing commercial reasonableness, FMV, and business risk considerations.
• Communicates and compiles data as requested by Fair Market Value appraisers/consultants.
• Presents compensation arrangements/offers in weekly committee meetings to senior level leaders.
• Documents and maintains electronic records/files of physician compensation models detailing methodology and explanation of decisions.
• Assists with quality review for all provider term sheets and contracts.
• Updates term sheet benchmarking data on a continuous basis to ensure data is accurate and useful.
• Collaborates with finance, legal, compliance, and other departments to collect, integrate, and disseminate various information relevant to provider compensation.
• Reviews and initiates process improvement projects for consistent innovation and increased efficiency of the department.
• Oversees the collection and submission of market survey data for all providers in conjunction with the Director of Provider Compensation.
• May perform other duties as assigned or requested.

Requirements

• Bachelor's Degree preferably in Business, Business Administration, Economics, Accounting, Finance, or Statistics.
• At least three (3) years of experience in accounting, compensation, and/or analytics.
• Highly skilled in Excel, demonstrated by using advanced Excel functions.
• Demonstrates systematic and precise attention to detail and accuracy.
• Skilled proof-reader with a relentless pursuit of quality and accuracy.
• Strong abilities in analysis and critical thinking, with effective communication of research and recommendations.
• Ability to meet timelines and stay organized consistently.

Nice-to-haves

• Completion of or active enrollment in a Master's Degree in Business Administration (MBA) or related Health Care Management Master's Degree.