October 21 Circle Elite Roundtable On How To Design A Performance-Based Compensation Model To Go Above Market Rate – An OPEN MINDS Strategy Series

GETTYSBURG, Pa. (Oct 10, 2021) – On October 21 at 1:00 pm ET, OPEN MINDS will host the Circle Elite Roundtable, How To Design A Performance-Based Compensation Model To Go Above Market Rate – An OPEN MINDS Strategy Series, for executives of health and human service organizations. The focus of this Circle Elite Roundtable will be on how to design a variable compensation program.

It is more important than ever to attract and retain quality talent. Is your organization remaining competitive with regards to employee compensation? Are your employees incentivized to go above and beyond their baseline metrics? As health care moves toward value-based reimbursement, it is important that organizations align staff compensation with those same performance metrics.

This Circle Elite Roundtable will feature OPEN MINDS Senior Associate, Ken Carr who will discuss best practices for how to pay employees more without raising wages. He will discuss how to define your goals, for example where can your organization improve, how to measure and reward metrics, and whether the individual or the team will receive the performance-based compensation. Ken will detail how to select and set up either the hybrid model, or the pure productivity model. Lastly, Ken will cover how to support your employees to meet the performance metrics and how to measure the metrics moving forward.

“In 2020, a study showed that 23% of hospitals and health systems had variable pay programs,” said OPEN MINDS Chief Executive Officer Monica E. Oss. “These programs can improve employee performance and increase their pay without raising base salaries. To remain competitive, every organization should consider similar strategies.”

The competition for high quality talent will only increase in the years ahead, making performance-based compensation a critical element of sustainability and success for provider organizations. 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.

Executive attendees will learn:

How to define your performance-based goals
How to design your compensation model and rates
How to support employees in meeting performance goals
How to track and share performance outcomes

Ken Carr brings over 30 years of finance, technology, data analysis, and reporting experience in the health and human service field to OPEN MINDS. He currently serves as a Senior Associate with the OPEN MINDS consulting practice. In this role, Mr. Carr serves 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, managed care and value-based contracting preparedness, financial analysis of service lines, and technology selection.

To register for this event, visit: https://register.gotowebinar.com/register/2623926642409687821

The October 21 Circle Elite Roundtable—exclusive to Elite members of the OPEN MINDS Circle—is offered as part of a weekly series designed to help executive teams navigate the business, organizational, operational, and culture changes of a market in turbulence during (and after) the COVID-19 crisis. Each 60-minute briefing outlines a field-tested approach for recovering from the crisis and developing a plan for organizational sustainability. OPEN MINDS experts are on the line to answer questions and provide follow up private Quick Consults for members.

For more information on the program, or media inquiries, contact Sam Base, Market Intelligence, OPEN MINDS, at 717-334-1329 or sbase@openminds.com.

About OPEN MINDS
OPEN MINDS is an award-winning information source, executive education provider, and business solutions firm specializing in health and human services for people with chronic conditions and complex support needs. For thirty years, we’ve helped organizations implement the transformational business practices they need to succeed in an evolving market with new reimbursement, competition, policies, and regulations. Learn more at www.openminds.com.

COVID-19 Risk Management Plan August 11, 2021

We are excited to return to sunny southern California for The 2021 OPEN MINDS Management Best Practices Institute at the picturesque Newport Beach Marriott Hotel & Spa, August 23-26, 2021. To help plan your in-person attendance, visit https://openminds.com/live-mbpi/ for a schedule of events happening throughout the week.

The resurgence of the COVID Delta variant has certainly created new challenges for the country and for our families. Fortunately, the available COVID vaccinations have been very successful in preventing symptomatic infections and illness. But I did want to let you know that our team at OPEN MINDS is committed to making our executive events as safe as possible and have an active risk management plan in place. I wanted to share with you the key elements of our plan:

Masking. Every participant will receive a mask as part of their registration materials. Unvaccinated people will be required to wear masks – and vaccinated attendees will be encouraged to wear masks. If the local or state governments have more restrictive standards (including mandatory masking or requiring proof of vaccination) at the time of our institutes, we will follow those standards.

Social Distancing. We are working with the event venue to hold all sessions in the largest possible rooms with seating as far apart as possible. In order to accomplish this, we ask that you select in advance the sessions you plan to attend in-person at the event venue. This will assist us with room and seating arrangements.

Outdoor Events. Where possible, we will use outdoor spaces for networking events and smaller sessions.

Hand Sanitation. Hand sanitation stations are available throughout the event venue and hand sanitizer is included in your registration materials, courtesy of our partner, Qualifacts+Credible.

Virtual Sessions. Every session will be partially or fully available in a virtual capacity:

We are livestreaming via GoToWebinar our plenary sessions – keynote addresses and plenary panels. You can participate online from your hotel room (or from your home office if you can’t attend on-site). We will be accepting questions from both the onsite and online audiences.
Each executive seminar is being offered at two separate times, one live at the event venue and the other exclusively for virtual attendees.
We are recording the audio for each session – and will post the audio along with presentation materials after each session.
A virtual exhibit hall will be available with access to all exhibitor contact information, product demos, and engagement opportunities.

We will continue to monitor any changes in the CDC recommendations for the continued safety of the public. If you have any concerns or questions, feel free to reach out to a member of our team at events@openminds.com or by phone at 877-350-6463. We look forward to seeing you at The 2021 OPEN MINDS Management Best Practices Institute.

Monica E. Oss
Chief Executive Officer
OPEN MINDS

October 21 Circle Elite Roundtable On How To Design A Performance-Based Compensation Model To Go Above Market Rate – An OPEN MINDS Strategy Series

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COVID-19 Risk Management Plan August 11, 2021