The Strengths Of Performance-Based Compensation—Back By Popular Demand
1:00 – 2:00 pm ET
Performance-based compensation can be an effective strategy to strengthen employee retention, service outcomes, and revenue. While putting such a system in place takes considerable effort, time, and expertise, the long-term payout in terms of workforce retention and improved recruitment can be significant. The question, however, is how does a chief financial officer (CFO) lead the process of identifying and implementing an effective performance-based compensation system?
During this one-hour recorded presentation, OPEN MINDS Senior Associates Ken Carr and Dee DeWitt will discuss how to choose the right model, as well as the right metrics to ensure that the “right” things are incentivized to drive return-on-investment (ROI). They will also discuss how to communicate the potential positive impact the model will have on the organization.
Executive attendees of this session will learn about:
- How to ensure pay equity and target incentives to different work groups in the organization
- A case-study model that has been used to strengthen financial results and employee engagement
- How to communicate a performance-based compensation plan with staff and create “buy in”
This roundtable was originally presented on October 12, 2023.
This roundtable is part of The OPEN MINDS CFO Consortium developed to provide executives with the tools and abilities to strategically assess and position their organizations for long-term sustainability and growth. The consortium is open to all Elite members, to learn more and sign up, visit https://openminds.com/store/cfo-consortium/.
Featured Speakers
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Ken Carr, Senior Associate, OPEN MINDSKen Carr brings over 20 years of finance, technology, data analysis and reporting experience in the health and human service field to OPEN MINDS. He currently is a Senior Associate with the OPEN MINDS consulting practice. In this role, he served as a subject matter expert in the OPEN MINDS consulting practice where he has led numerous engagements in strategic planning, merger and acquisition prospecting, business process improvement, financial analysis of service lines, and technology selection. Before joining the OPEN MINDS team, he served as the Chief Financial Officer of The Centers, a community mental health center in Ocala, Florida. In this position, Mr. Carr led a realignment of the organization’s financial management functions. This included revenue cycle management, EHR bill implementation and reporting, cash management enhancement, and strategic financial analysis. -
Dee DeWitt, Senior Associate, OPEN MINDSDee DeWitt has extensive experience as a consultant and corporate leader in the healthcare field. Mr. DeWitt brings over 28 years of experience in healthcare finance and operations, M&A, use of technology, strategic planning, and change management in healthcare organizations to OPEN MINDS as a Senior Associate. Previously, Mr. DeWitt was the Chief Financial Officer and Chief Operating Officer of Momentum for Health, a CARF-accredited non-profit behavioral health organization providing services to individuals with a diagnosed serious mental illness (SMI) and/or substance abuse disorder, in San Jose, California. During his tenure, Mr. DeWitt increased outpatient productivity by 25% and contributed to growing revenues from $55 million to a projected $71+ million for the fiscal year of 2023. Mr. DeWitt also oversaw Momentum ‘s pilot with Santa Clara County’s transition to Netsmart Provider Connect and led a successful grant award and implementation of a multi-year paid intern program in partnership with Santa Clara University, San Jose University, and Palo Alto University.
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