Healthcare

Addiction Biotech Cannabis Genetics Healthcare Medical Devices Pharmaceutical Science Veterinary
News Release Digital Asset Direct

Physician Compensation Programs Shifting to Address Changing Market Dynamics and Mitigate COVID-19 Financial Implications

SullivanCotter

SullivanCotter, the nation’s leading independent consulting firm in the assessment and development of total rewards programs, workforce solutions, and technology and data products for the health care industry and not-for-profit sector, recently released results from the 2020 Physician Compensation and Productivity Survey – which represents data from more than 800 organizations on nearly 244,000 individual physicians and advanced practice providers. The results reflect calendar year 2019 and, as the last set of benchmark data available prior to the onset of COVID-19, this year’s survey will serve as an important resource for organizations needing pre-pandemic compensation reference points for this critical workforce. “Although the pandemic has created a great deal of uncertainty – with many organizations making near-term modifications to their physician compensation programs as a result – we’re seeing a slow and steady adjustment to the ‘new normal’ as patient volumes have returned to approximately 90% of pre-COVID-19 levels. In some ways, the fallout from COVID-19 has simply accelerated the forces that were driving physician compensation changes prior to the pandemic, and the 2020 survey data will be very important in helping to determine how organizations are responding to these challenges,” said Tim Stamper, Senior Consultant, SullivanCotter. Physician Total Cash Compensation (TCC) While TCC has grown, on average, 2.5% annually since 2012, COVID-19-related reductions in surgical and non-emergent care have impacted the financial condition of many health care organizations nationwide – causing them to implement or consider a number of compensation and benefits-related modifications to help offset significant losses in revenue. According to SullivanCotter’s COVID-19 Physician and Advanced Practice Provider Compensation Practices Survey series, nearly 30% of participants had implemented or were considering pay reductions for front line physicians and nearly 40% of participants were doing the same for non-front line physicians as of May 2020. Median pay cuts were 11% and 15% for front line and non-front line physicians respectively. Other organizations made cuts in physician benefits in response to COVID-19. The most common benefit program changes in 2020 included eliminating or reducing retirement plan contributions, adjustments to PTO policies, and eliminating or reducing CME allowances. The majority of these actions were intended to be temporary and, as patient volumes continue to increase and organizations start to recover financially, many are returning to historical pay and benefits practices. Due to the financial impact of COVID-19, physician incentive programs have also come under scrutiny in 2020. Among respondents surveyed in May, 16% of organizations reported eliminating or reducing non-productivity incentive compensation in 2020 while an additional 38% were considering this action. Many organizations pay out these incentives at year-end, making these programs an obvious target for cost-reduction. Physician Productivity The 2020 Physician Compensation and Productivity Survey results continue to show a trend of flat or even declining median work RVU (wRVU) productivity across all major specialty categories. Since TCC showed modest increases in the 2020 survey, TCC per wRVU ratios have also increased. While we have anticipated growth in value-based incentives, wRVUs and productivity-based incentives still determine the majority of incentive or variable compensation as a percentage of TCC. Approximately 70% of organizations utilize wRVUs to determine compensation for primary care and specialist physicians, with wRVU productivity accounting for about 18% of TCC in plans with a base salary component and over 90% of TCC in plans without a base salary component. Less than half (44%) of organizations surveyed include a wRVU component for hospital-based physicians, who are instead paid primarily on base salary and shift-based models. As organizations focus their attention on maintaining patient access and minimizing the financial losses created by COVID-19, the emphasis on individual wRVU productivity will remain prominent. While the pandemic itself has had a sizable impact on patient volumes and physician productivity, the Centers for Medicare and Medicaid Services’ (CMS) proposed changes to the Evaluation & Management wRVU values loom large as organizations look ahead to 2021. These adjustments include an increase in wRVUs for most office-visit E&M codes due to added responsibilities physicians have absorbed over the last five years. As a result of the overall projected increased in wRVUs, a 10.6% reduction in the conversion factor was required in order to maintain budget neutrality. The proposed increase in wRVU values ranges from 28%-46% for established office visits, which will have a significant impact on compensation plans that use wRVUs as a determinant of compensation. Considerations for 2020 and Beyond Although COVID-19 has sharpened industry focus on supporting financial sustainability, other market dynamics and the timing of anticipated financial recovery are also influencing the way hospitals and health systems are approaching physician compensation in both the short and long-term. “Considering the implications of COVID-19 in 2020 and the impending impact of wRVU changes in 2021, the 2020 survey benchmark data represents the best data reference point for use in the near future. With appropriate context, it can serve as a foundation for understanding specialty market positioning leading into COVID-19, identifying recruitment and retention risks, and pinpointing areas of focus for targeted compensation adjustments as your organization moves forward with 2021 planning,” said Dave Hesselink, Principal, SullivanCotter. There are a number of important physician compensation considerations for organizations to assess as they continue to navigate the new normal: Be mindful of how to appropriately use 2020 survey data. Understand the timing of the data and consider what you are trying to assess before using it. It can be helpful in benchmarking the competitiveness of compensation program elements and incentive opportunities. Develop an approach to physician compensation now in response to CMS’ proposed wRVU changes. Organizations should be proactive in assessing how these changes will impact payer reimbursement and physician compensation programs. With continued uncertainty regarding the impact of the pandemic in FY2021 and beyond, be prepared for new pandemic-related challenges to patient revenues and physician compensation. Organizations would be well-advised to have a plan developed in advance of any new restrictions on elective and non-emergent care to mitigate additional financial losses. View an infographic summary of the 2020 survey results. For more information on SullivanCotter’s surveys or the upcoming Evaluation and Management wRVU value changes, please visit our website at www.sullivancotter.com, email us or contact us by phone at 888.739.7039. About SullivanCotter SullivanCotter partners with health care and other not-for-profit organizations to understand what drives performance and improve outcomes through the development and implementation of integrated workforce strategies. Using our time-tested methodologies and industry-leading research and information, we provide data-driven insights, expertise, data and technology products to help organizations align business strategy and performance objectives – enabling our clients to deliver on their mission, vision and values. Contact Details Becky Lorentz +1 314-414-3719 beckylorentz@sullivancotter.com Company Website https://sullivancotter.com/

November 11, 2020 08:00 AM Eastern Standard Time

Image

Unhygienic restaurants are flushing away repeat business – new Fine Dining survey highlights importance of a clean restroom to customers

Fine Hygienic Holding

89% of customers will not return to restaurants with poor washroom hygiene and 79% of customers prefer paper hand towels over hand dryers while 66% opting for sterilized products over regular hand towels A survey commissioned by Fine Solutions, the away-from-home division of Fine Hygienic Holding (FHH), one of the world’s leading wellness groups and manufacturer of hygienic paper products, has highlighted the importance of hygiene in the dining experience post Covid-19 lockdown, with 89% of UAE customers unwilling to revisit a restaurant with poor washroom hygiene. The survey by Kantar Middle East was created to understand the customer perspective and the correlation between loyalty and restroom hygiene. The survey of 500 respondents was conducted online across different nationalities, affluence levels and cities. The main findings show that customers placed more importance on cleanliness in the washroom (50%) than in the kitchen (48%) or interior - the area including tables, chairs, floor and billing counter (47%) - when it comes to hygiene factors that matter most in a restaurant. Elsewhere, cleanliness and operational condition (62%) were found to be the most important hygiene factors in a restaurant restroom. James Michael Lafferty, CEO of Fine Hygienic Holding, said: “This survey comes at an important time for both consumers and brands as we navigate the new normal of everyday life in the time of the Covid pandemic. Operators and brands are still adjusting to life post lockdown, implementing new protocols and adhering to new directives, and tackling the realities of business and life while re-engaging with their core customers. “We understand the importance of hygiene, it drives everything we do as a business. And this study emphasizes how highly customers and consumers place these considerations when it comes to their choices and their behavior.” The survey has uncovered some interesting findings on consumer preference towards hygiene and cleanliness, in an era when businesses can be affected by poor customer reviews and social media coverage. Although customers expect high hygiene standards across any outlet, the cleanliness of the dining area and restroom stand out. Customer perception of washroom hygiene is influenced by several attributes including the cleanliness and overall operational condition of toilets and handwashing area, dryness of floors, and availability of sanitation products. Cleanliness and availability of sanitation products in the restroom were rated highly important. Interestingly, while toilet cleanliness rated higher among female respondents, the availability of sanitation products such as wipes and sanitizers on tables polled higher among males. Taking a deep dive into hand hygiene, 79% of customers preferred paper towels over hand dryers, citing speed, health and texture as the main reason for their preference. Absorption power, biodegradable aspects and texture were the three most important attributes for paper towel users. Sterilized paper hand towels were also preferred to regular paper towels by 66% of those surveyed. The overall preference for paper towels fits in with a number of scientific studies which show that hand dryers spread 1,300 times more germs than paper towels. According to the study, preference for paper towels was found to be the highest among Arabs (87%), with absorption rated most important by Asian Expats, and thickness and brand considered most important in cities. Lafferty added: “The unique Fine Dine Program has been designed to recognize the efforts of F&B establishments in improving hygiene level at their facilities, and also to link consumers to a network of restaurants and dining options in the region with high hygiene levels.” Fine Hygienic Holding provides restaurants and a range of other businesses, from healthcare institutions, corporate offices, and industrial facilities, with carefully tailored solutions to ensure a clean and hygienic environment through its away-from-home division Fine Solutions. The Fine Dine Program network is exclusively available on www.finedineplaces.com. NB: the percentage figure given corresponds to the number of respondents who gave a rating of 9 or 10 to the survey questions About Fine Hygienic Holding: Fine Hygienic Holding (FHH), MENA’s leading manufacturer of hygienic products, serves consumers in more than 80 countries around the world. With its commitment to becoming “the shining star of the Arab FMCG business world,” FHH focuses on wellness, sustainability, state-of-the-art production processes, pioneering CSR programs, and award-winning products. The company offers a diverse array of products including facial tissues, napkins, kitchen towels, toilet paper, baby diapers, adult briefs, jumbo rolls, as well as away-from-home products to accommodate all types of private and public institutions, in addition to personal protective equipment (PPE). Contact Details Sylvia Sarkies +971 4 367 1084 sylvia.s@actionprgroup.com Company Website https://www.finehh.com/

November 11, 2020 07:15 AM Eastern Standard Time

Quidel Corporation Triple Winner in International MarCom Awards Competition

Quidel Corporation

Quidel Corporation has been honored with three awards for creative excellence from the international MarCom Awards competition, just announced. Quidel is the diagnostic health care manufacturer behind the industry’s most rapid and reliable in-office test for Lyme disease, the Sofia® 2 Lyme FIA test. The MarCom Awards is an international creative competition that recognizes outstanding achievement by marketing and communications professionals, both corporate and agency. Quidel was cited for excellence while competing against more than 6,500 entries from the United States and several foreign countries. Quidel was presented with MarCom’s highest honor—a Platinum Award—for its soon-to-launch consumer-facing website titled “Lyme Disease Answers.” Created in tandem with its strategic and creative partner breakwhitelight, the website will provide consumers with the peace of mind that comes with increased knowledge of the prevalence, causes, warning signs and symptoms of Lyme disease as well as important information regarding the latest in Lyme disease testing and treatment. A Gold Award was presented to Quidel for its new series of attention-grabbing educational videos called “Quick Takes.” This soon-to-launch library of short and engaging videos, which will be regularly produced in the coming months with breakwhitelight, will help health care professionals and consumers alike enhance their knowledge of Lyme disease by providing the information, expertise and up-to-the-minute data needed to quickly and clearly confront this disease that afflicts as many as 400,000 Americans every year. Quidel was also honored by MarCom for a commentary by Roxanne Carfora, D.O., titled “An Epidemic Within a Pandemic.” Published in the August 2020 issue of Healthcare Business Today, the article calls Lyme disease one of the fastest-growing infectious diseases in the country and speaks to the needed partnership between medical science and consumers to understand the disease and to lessen its spread. Lyme disease can strike anyone at any age and can lead to a number of serious, life-threatening problems if not caught early. Leading the way in Lyme disease testing is Quidel’s innovative Sofia 2 Lyme FIA test. This test provides a patient as well as his or her physician with indicative results within minutes as opposed to days, which has historically been the norm. Performed in the privacy of a doctor’s office or local clinic, it is also the only test that can get results from a simple finger prick of blood. Given that the vast majority of patients tested are negative, not having to wait days for test results allows physicians and nurse practitioners to more rapidly treat those patients with positive results while more quickly pursuing other diagnosis and treatment for those who test negative. About Quidel Corporation Quidel Corporation (Nasdaq: QDEL) is a leading manufacturer of diagnostic solutions at the point of care, delivering a continuum of rapid testing technologies that further improve the quality of health care throughout the globe. An innovator for over 40 years in the medical device industry, Quidel pioneered the first FDA-cleared point-of-care test for influenza in 1999 and was the first to market a rapid SARS-CoV-2 antigen test in the U.S. Under trusted brand names, Sofia®, Solana®, Lyra®, Triage® and QuickVue®, Quidel’s comprehensive product portfolio includes tests for a wide range of infectious diseases, cardiac and autoimmune biomarkers, as well as a host of products to detect COVID-19. With products made in America, Quidel’s mission is to provide patients with immediate and frequent access to highly accurate, affordable testing for the good of our families, our communities and the world. For more information about Quidel, visit quidel.com. # # # Contact Details Jim Yeager +1 424-644-0225 jim@breakwhitelight.com Company Website http://Quidel.com

November 10, 2020 08:00 AM Pacific Standard Time

CMMC Center of Excellence Announces Memorandum of Understanding with CREST International

Interoperability Clearinghouse

The Cybersecurity Maturity Model Certification Center of Excellence ( CMMC COE ), hosted by the Information Technology Acquisition Advisory Council (IT-AAC), a public-private partnership serving the public and private sectors for more than 15 years, is proud to announce a Memorandum of Understanding with CREST International, an international not-for-profit certification and accreditation body that supports the global technical information security market and is headquartered in the UK. This unique partnership will extend efforts to advance the goals and objectives for improving the cyber and supply chain security and resilience of the US Department of Defense (DoD) global Defense Industrial Base (DIB) network of contractors, suppliers, and vendors through an evaluation process intended to validate the capabilities, experience, and integrity of CMMC COE provider partners. The executed MOU establishes a cooperative agreement between CREST International and the CMMC COE, in coordination with the CMMC COE EU ( http://cmmc-eu.com ), to partner in the furthering of their respective and complementary missions and objectives regarding the adoption, use, and expansion of CMMC based cybersecurity practices for the DIB contractor community and the information and communications technology community creating a broader CMMC ecosystem to improve security and resilience across the global defense industrial base. CREST ( www.crest-approved.org ) provides internationally recognized accreditations for organizations providing technical security services and also includes professional level certifications for individuals providing vulnerability assessment; penetration testing, cyber incident response; threat intelligence; and security operations center ( SOC ) services. “This is a momentous occasion for us”, said Mr. John Weiler, Chairman of the Board at CMMC Center of Excellence, “Our global expansion will further help advance the goals and objectives for improving the supply chain security and resilience of the US Department of Defense (DoD) beyond North America”. “This new partnership between CREST and CMMC COE will play an important role in strengthening the resilience and protection of vital critical national infrastructure through structured testing to validate security defenses and controls, carried out by highly-qualified and certified professionals,” said Tom Brennan, Chairman of CREST USA. “It is vital that the buying communities in both the public and private sectors have the confidence and trust that their employees, contractors or suppliers have the highest levels of knowledge, skill and competence.” With locations in Europe, Asia, Australia, and the United States, the partnership reinforces a foundation of global capability for the validation of CMMC providers in 1) training & education; 2) readiness assessment 3) development and implementation of a tailored plan of action & milestones to advance preparedness, and 4) continuous monitoring to ensure maintenance of certification compliance. The CMMC-COE ( www.cmmc-coe.org ) and the CMMC COE EU ( https://cmmc-eu.com/ ) will continue to focus on bringing together the many disparate cyber and national security communities of interest to reduce complexity, improve awareness, and accelerate industry effort to become more cyber resilient against the growing threats from nation states and criminal enterprises. The CMMC-COE partner network will be sharing a wide range of capabilities from member organizations, including; cyber standards frameworks, education, solution architectures, cyber mentoring, workforce, and other elements needed to scale to the demands of the entire DIB market place in the US and abroad (400,000 contractors). For more information on the CMMC COE, please visit http://cmmc-coe.org email info@cmmc-coe.org or call 703-863-3766 For more information on the CMMC COE EU, please visit https://cmmc-eu.com/ For more information on CREST, please visit www.crest-approved.org About Us ---------- CMMC-COE.ORG is a unique non-profit public-private partnership, with a vision to accelerate Cybersecurity Maturity Model (CMM) adoption, and reduce time & cost for security compliance for our partners by leveraging commercial best practices, CMMC standards, and innovative solutions for a measurable success. Our mission, focused on DOD mission objectives, cost containment and expeditious CMMC compliance, is to help the DIB improve cyber posture and resilience, and simplify its acquisition. The CMMC-COE is hosted by the Information Technology Acquisition Advisory Council (IT-AAC), a public/private partnership (P3) chartered in 2007 as an honest broker to reach outside the confines of the Federal IT advisories that lack dynamic reach into the Global IT Market, and dedicated to the adoption of commercial IT management standards of practice and innovations emanating from the Global IT market. Team IT-AAC has already demonstrated the value of its decade long investment, and provides a unique value to agencies seeking to achieve accelerate the transformation of legacy processes and systems. Our Just-in-Time SMEs apply an innovative suite of Technology Business Management and Agile Acquisition Processes needed to assure the business value of commercial IT. The Interoperability Clearinghouse (ICH), is the managing partner that make up the 24 NGO/SDO organizations that make up the IT-AAC. ICH provides the contract vehicles, clearances, and critical resources proven to guide sustainable, measurable and repeatable processes needed to drive better investment decisions as the speed of mission need, while aligning existing processes, methods and workforce with IT reform mandates contained in Clinger Cohen Act, FITARA, IT MGT Act, EO13838. Contact Details Bob Dix +1 703-975-6633 bob.dix@it-aac.org Company Website https://cmmc-coe.org

November 10, 2020 05:00 AM Eastern Standard Time

LEADING CALIFORNIA BUSINESS ADVOCACY ORGANIZATIONS WARNED OF CONSEQUENCES OF ANTHEM BLUE CROSS POLICY

California Rheumatology Alliance

The California Rheumatology Alliance (CRA) along with many other physician and patient advocacy organizations are working to enlist the business community to join in its fight against implementation of a harmful prescription policy from Anthem Blue Cross. The dangerous policy will make it nearly impossible for certain treatments (specifically infusion therapy) to be conducted in physician offices – under their care. The policy is being rushed to implementation on December 1, 2020. In letters to business advocacy organizations, CRA warns the business community of the looming threat to the California workforce. Recipients of the letter include, but are not limited to: California Chamber of Commerce (CalChamber) California Federation of Business & Professional Women California Small Business Association California Hispanic Chambers of Commerce “Anthem’s new policy transfers medications covered on the medical side of insurance to the pharmacy side. While more economically lucrative for the payers and specialty pharmacies, based on the hidden fees and price concessions - the patient is harmed, as are the businesses employing them,” stated Dr. Samy Metyas, CRA’s President. “Patients that delay treatment or go elsewhere (like a hospital) for care will experience longer waits, less oversight, and substantially higher out of pocket costs. Forcing patients to take on these added burdens, at a time like this, is shameful.” The letter to business advocacy organizations states in part: “…Delay or loss of medical treatment results in increased disease activity resulting in further increases in costs to patient health and welfare. Missed time from work, and lower productivity will cost employers immensely more than any savings promised by this policy change…. …As patient access to proper treatments is lost, it costs everyone more…” “As physicians on the front lines of medical care, we will fight for our patients,” Dr. Metyas continued. “As someone on the front lines protecting California businesses, surely these business-oriented organizations care for the wellbeing of its members too. Hopefully, we will join forces to educate employers and patients to avoid securing insurance policies that reduce access to care.” CRA sent a letter requesting a meeting last week to Anthem’s California Plan President, Beth Anderson that has so far, gone unanswered. “Doctors and patients are worried. From oncologists, to rheumatologists and ophthalmologists, – the dangers of this policy are very real,” said Dr. Metyas. “Anthem’s silence is creating more concern among patients, particularly now when a sense of security and stability is what people are seeking. It must reconsider.” The California Rheumatology Alliance is a specialty physician association comprised of rheumatologists from community practices and medical centers throughout the state. The majority of its members come from the Northern California Rheumatology Society (NCRS), the Southern California Rheumatology Society (SCRS) and the San Diego Rheumatology Society (SDRS). Membership has since expanded to include all those health professionals regularly engaged in the care of patients with rheumatic diseases. ### Please visit https://www.calrheum.org/ For more information, or to schedule an interview with a CRA spokesperson, please contact Dan Rene at 202-329-8357 or daniel.rene@kglobal.com Contact Details Dan Rene +1 202-329-8357 daniel.rene@kglobal.com Company Website https://www.calrheum.org/

November 06, 2020 12:00 PM Eastern Standard Time

GoGetTested Partners with Wichita County Public Health District for Free FDA-Approved COVID-19 Testing

Go Get Tested

In partnership with the Wichita County Public Health Department, GoGetTested, the first end-to-end COVID-19 testing and results management solution in the country, today announced the availability of its FDA-approved COVID-19 testing in Wichita Falls. Providing fast, easy and accessible COVID-19 testing for all, GoGetTested has opened its Covid Response Operating System and mobile testing sites in Wichita Falls at the Multi Purpose Event Center (MPEC), which is located at 1000 5th Street, Wichita Falls, TX 76301. All tests are free of charge, regardless if individuals are uninsured. In addition to COVID-19 testing, WellHealth will be offering flu shots on site in their newly constructed WellHealth Express Clinics, a Covid, Flu, and Cold point of care rapid delivery unit. Wichita Falls residents will be able to schedule flu shots directly through the GoGetTested platform. Flu shots are free with most insurance carriers and only $30 without insurance. “We are pleased to be able to provide free COVID-19 testing to our residents through the partnership with GoGetTested,” said Lou Kreidler, Director of Health, Wichita Falls – Wichita County Public Health District. “The funding for testing is covered under the CARES Act. This is a great opportunity to add free testing capacity to our community, especially for our underserved population.” Residents can schedule their COVID-19 test online, complete the oral swab test in minutes at one of the testing sites and have their results delivered via text or email within a couple of days. “It is our mission to help as many people as possible find easy, accessible COVID-19 testing sites and deliver quick, accurate results,” said WellHealth CEO Ahmad Gaber, one of the founding partners of GoGetTested. “As the COVID-19 pandemic continues and we enter flu season, we will continue working with community leaders like those in Wichita Falls, to help keep their residents safe.” GoGetTested was launched as a semi-public, semi-private industry consortium with founding partners from precision primary care startup WellHealth and Silicon Valley-based healthcare fintech startup Wellpay, among other private company partners. By using a unique mobile testing approach, GoGetTested has quickly expanded its geographical reach, especially in rural areas, and can swiftly deploy testing in COVID-19 hotspots. To date, GoGetTested has delivered more than 150,000 COVID-19 tests with the ability to continue testing at a rate of tens of thousands per day. GoGetTested is currently serving residents in Texas and South Carolina, and will expand testing to Nevada, Arizona, Missouri and other states in the coming weeks. For more information on scheduling a test, visit www.gogettested.com. About GoGetTested GoGetTested is the first national, digitally enabled Covid Response Operating System in the country with an end-to-end test scheduling and resulting management platform. Its complete COVID-19 testing experience will help keep the nation’s communities and economies open and safe. GoGetTested was founded as a unique public-private consortium of government, clinical, technology, lab, research and retail partners, including The consortium—which includes Precision Primary Care startup WellHealth, PE-backed Lab HealthTrackRx, event-management company Victory Marketing, inventory and warehouse management company Lead Commerce, and Silicon Valley-based healthcare fintech startup Wellpay. Its Covid-19 response units ensure geographical reach to rural areas and fast activation in virus hotspots. Testing is free for anyone and provides the most complete, adaptive and secure testing services nationwide. Contact Details April White +1 323-216-8589 gogettested@trustrelations.agency Company Website https://www.gogettested.com/

November 05, 2020 08:06 AM Eastern Standard Time

SullivanCotter Releases Annual Health Care Executive Compensation Survey Results and Offers Insight Into Pandemic-Related Pay Actions

SullivanCotter

SullivanCotter, the nation’s leading independent consulting firm in the assessment and development of total rewards programs, workforce solutions, and technology and data products for the health care industry and not-for-profit sector, recently released results from its 2020 Manager and Executive Compensation in Hospitals and Health Systems Survey — which is now in its 28th year. This year’s results include information from more than 2,300 organizations. More importantly, the survey contains the last set of benchmark data compiled prior to the onset of COVID-19 and provides important pre-pandemic reference points for assessing executive compensation programs. “While pay actions are being impacted by the pandemic, the foundational structure of executive compensation programs has generally remained unchanged. The 2020 survey data can be used to assess the competitiveness of base salaries, the level of incentive opportunities and other program design considerations. In light of the impact of the pandemic on business operations, now is an appropriate time to evaluate the broader implications of COVID-19 on your talent strategy, compensation philosophy and program design to ensure they reflect your organization’s new priorities,” said Tom Pavlik, Managing Principal, SullivanCotter. Base Salaries in 2020 In recent years, executive salaries were trending upward due to the focus on recruitment and retention of key leadership talent and an increasingly complex health care market. When comparing data reported by organizations that participated in SullivanCotter’s survey in both 2019 and 2020, median base salaries going into 2020 increased at a rate of 3.4% to 5.6% for the most senior executives of independent health systems (Vice Presidents, Senior Vice Presidents, CFOs, COOs and CEOs) as opposed to 0.8% to 4.1% for those executive positions at system-owned hospitals. However, due to the financial impact of COVID-19, many organizations have implemented temporary executive base salary reductions. According to SullivanCotter’s COVID-19 Executive and Employee Compensation Practices Survey series, which was conducted between April 2020 and August 2020 to provide insight into the current practices of more than 100 large health systems, only 14% of organizations were considering or had implemented executive base salary reductions as of April. By May, this number had risen to 31%. Through August, implemented salary reductions reached 45%. However, of this 45%, nearly half had already reinstated the pre-pandemic salaries with the remainder expected to do so by the end of the year. Base Salary Increase Budgets An analysis of the survey data indicates that, prior to COVID-19, median salary increase budgets for health care executives were expected to remain consistent with recent years at 2.7% for independent health system executives and 3.0% for system-owned hospital executives. The pandemic has impacted the financial condition of many organizations and is moderating salary increase plans for FY2021. According to SullivanCotter’s proprietary COVID-19 research, about 40% of organizations had determined their FY2021 executive salary increase budgets by mid-August. The preliminary median executive salary increase budget is 2.5%, with 15% planning to freeze executive salaries. The other 60% of organizations had not yet determined their salary increase budget, and 20%-25% are delaying the timing of these increases. These figures may change over time as financial performance will impact the ability to fully fund planned budgets, and it is anticipated that more organizations may consider executive salary freezes for FY2021. Executive Annual Incentive Plans Executive annual incentive plans (AIPs) are still the norm as organizations are increasingly focused on system-wide alignment and pay-for-performance. Prior to COVID-19, 89% of independent health systems and 67% of system-owned hospitals utilized AIPs with award opportunities varying by health system size based on net revenue. According to SullivanCotter’s research, however, COVID-19 has had a significant impact on executive incentive plans for FY2020. As of mid-August, more than half of the participating organizations had implemented or were still considering changes to FY2020 plans. While one-third did not yet know how they will handle their FY2020 annual incentive payouts, approximately 20% are eliminating or considering eliminating payouts, nearly 30% expect to pay below target, and only about 20% expect to pay at target or above. Considerations for 2020 and Beyond As hospitals and health systems plan for what lies ahead and look to support financial sustainability and mitigate risk, organizations should consider both market practices and their individual financial circumstances when determining their executive compensation and workforce-related actions moving forward. “SullivanCotter’s 2020 survey reflects the most recent normative year prior to COVID-19. Due to the current pandemic and the extremely dynamic environment, the survey data should be used thoughtfully, with appropriate context, and with sound business judgement as you are planning and considering your pay decisions for FY2020 and beyond,” said Bruce Greenblatt, Managing Principal, SullivanCotter. There are a number of important executive compensation considerations for organizations to consider as they move forward: Be mindful of how to appropriately use 2020 survey data. Understand the timing of the data and consider what you are trying to assess before using them. The data can be helpful in benchmarking the competitiveness of compensation program elements and award opportunities. Rely on sound business judgement and discretion when evaluating base salary actions and incentives for FY2020. Plan to revisit incentive performance goals for FY2021 to ensure they are tailored to the current environment. Assess the broader impact of COVID-19 on executive talent strategy and review the compensation philosophy and program design. With continued uncertainty in FY2021 and beyond, remain mindful of the environment and be flexible. For more information on SullivanCotter’s surveys, please visit our website at www.sullivancotter.com, email us or contact us by phone at 888.739.7039. About SullivanCotter SullivanCotter partners with health care and other not-for-profit organizations to understand what drives performance and improve outcomes through the development and implementation of integrated workforce strategies. Using our time-tested methodologies and industry-leading research and information, we provide data-driven insights, expertise, data and technology products to help organizations align business strategy and performance objectives – enabling our clients to deliver on their mission, vision and values. Contact Details Becky Lorentz +1 314-414-3719 beckylorentz@sullivancotter.com Company Website https://sullivancotter.com/

November 05, 2020 08:00 AM Eastern Standard Time

Image

Hearing Aids: How to Pick the Right Type for You or a Loved One

D S Simon Media

It might sound unbelievable, but your hearing is as unique as your fingerprint. It’s true. Someone’s hearing experiences are individual to them, and the way they hear sounds is different to anyone else. A video accompanying this announcement is available at: https://youtu.be/m7KImn3BebQ Yet, the most commonly worn hearing aids use a standardized approach modeled on an ‘average ear’, which can often compromise sound quality with 93% reporting trouble hearing in noisy environments and 55% getting confused about where sounds come from. In fact, hearing loss can cause a person to miss out on hearing the moments that matter most. The problem is so big that according to the National Institutes of Health, nearly 30 million Americans have a hearing loss and could benefit from using hearing aids but fewer than 16% have ever used them. Just like a fingerprint, each person’s hearing is unique. Yet, the most commonly worn hearing aids use a standardized approach modeled on an‘ average ear’, which can often compromise sound quality. ReSound ONE is a long-awaited breakthrough that gives everyone a solution individualized precisely to their own hearing anatomy. ReSound ONE is an entirely new class of hearing aids that offers a truly individualized hearing experience and the best sound quality for every user. ReSound ONE is available in rechargeable and non-rechargeable models. For further information and to take a free hearing test, visit the ReSound.com. About YourUpdateTV: YourUpdateTV is a social media video portal for organizations to share their content, produced by award-winning video communications firm.It includes separate channels for Health and Wellness, Lifestyle, Media and Entertainment, Money and Finance, Social Responsibility, Sports and Technology. Contact Details YourUpdateTV +1 212-736-2727 yourupdatetv@gmail.com

November 02, 2020 05:00 PM Eastern Standard Time

Video

Citybiz Interview with Kevin Hrusovsky, Chairman & CEO, Quanterix

Citybizlist

Spend a few minutes with Kevin Hrusovsky, President, CEO and Chairman of Quanterix, and you will quickly understand that he and his colleagues are on a mission to transform medicine. Hrusovsky believes the Billerica, Mass.-based life sciences company has the technology and know-how to change medicine from merely providing reactive “sick care” to identifying disease and illness at the cellular level so people can be treated while they are still healthy. As a result, healthcare becomes preventative and personalized. “Quanterix is a company that has figured out how to apply rocket science to the blood,” Hrusovsky says. Hrusovsky took Quanterix, QTRX, public in 2017 and since this past March its stock has nearly tripled trading in the $40 range. What’s more, on Oct. 6, Quanterix won an $18.2 million contract from National Institutes of Health to accelerate the development of a next generation Covid-19 test. Why would NIH bother with Quanterix? The company’s technology detects protein biomarkers in extremely low concentrations in blood, serum and other fluids that, in many cases, are undetectable using conventional, analog immunoassay technologies. Its technology is 1,000 times more sensitive than any technology in the world, so it can uncover disease when people are healthy. Quanterix’s hopes to scale to 1 million COVID tests a week in the coming months. The company has 248 employees and will hire an additional 60 for the project. We spent a few minutes with Kevin to discuss the science behind Quanterix, its NIH work and the company’s prospects. Interview Questions: Quanterix Today | Can you provide an explanation of biomarkers, the goal of advancing precision health and a snapshot of Quanterix today? Biomarkers and COVID-19 | Can you explain how Quanterix has pivoted and responded to Covid-19? Can you describe the role of your technology Simoa? Which therapeutic areas, oncology, neurology, cardiology, inflammation and infectious diseases? The NIH Grant | The first week of October, Quanterix announced an $18 million contract with the National Institute of Health. It will accelerate the development of the COVID antigen test based on Quanterix’ Simoa technology. Can you explain the significance of this award? Recent Partnerships | Earlier this month, Quanterix entered into a license agreement with Abbott Laboratories. The license grants Abbott access to Quanterix’s portfolio of bead-based technology patents for IVD invitro diagnostic applications. Can you describe this partnership? Simoa | Can you explain how Simoa holds the keys to a complete high-definition picture of the COVID-19 infection? The PPH Network | What is the Powering Precision Health ecosystem? What is its significance in the rollout? How does Quanterix compete in the competitive COVID testing landscape? Execution/Aspiration | The execution is research and catalyzing “high probability” drug development; the aspiration is high value diagnostic and health services and a neuro toolbox acceleration, COVID and a broader PHH vision. Can you explain the vision for digital biomarker disruption in this context? Disrupt Healthcare | How is Quanterix poised to disrupt healthcare? Powering Precision Health | You’re the founder of Powering Precision Health which is an annual summit focused on the advancement of precision health. Can you tell us about your vision and its impact? 5 to 10 Years Precision Health | Will precision health improve population health? Where is precision health in 5 to 10 years? Citybizlist is a publisher of news and information about business, power, money, and people in 13 major U.S. city markets, including Boston, New York, Philadelphia, Baltimore, Washington, Charlotte/Raleigh, Atlanta, South Florida, Los Angeles, San Diego, Dallas and Houston. To learn more about the citybizlist content platform, please email the publisher Edwin Warfield edwin.warfield@citybizlist.com Contact Details Edwin Warfield +1 443-562-9472 edwin.warfield@citybizlist.com Company Website https://citybizlist.com/

November 02, 2020 11:00 AM Eastern Standard Time

Video Image

1 ... 284 285 286 287 288 ... 299