Incentive plans for
medical billers are effective but it does not necessarily mean that it has to
be expensive for it to work. There are more affordable options, which are
as effective in inspiring and motivating medical billers. There are
things you can do to ensure that the incentive plan will be successful.
First, you have to keep in mind that in a medical billing organization, there
are different tasks being handled within and every task, when performed
efficiently, will produce good results not only to one but also to everyone in
the organization. You would have to set specific targets so that billers
would know what they are aiming for. Divide the rewards by allotting half
of it for team performance and the other half for individual performance.
Second, aim for cost-effective incentive plans. Employees are most likely
to be motivated with cheap plans than those that require them to pay more than
they prefer.
Third, invest in incentive plans that target different performances like speed,
accuracy, delivery, and more. Study all these intensively to be able to
determine which ones are much needed within the organization.
Fourth, if you have several accounts within a medical billing organization,
make sure to take into consideration that not all accounts are the same.
When providing incentives, make sure it is given to each account accordingly.
Fifth, when giving incentive payouts, distribute it as a part of the medical
biller’s salary and make sure you adhere to this schedule. Provide them
with a written statement of how much they earned and how much tax was
deducted.
Sixth, make sure your employees understand the incentive plan. It would
be difficult to achieve something when you do not know what you are aiming
for. Post a chart of the incentive plan and post their progress as
well. This way, every one of them is updated regularly.
Seventh, keep it simple. Do not offer huge rewards with complex incentive
plans. Instead, make the plan easier with simple rewards. Employees
appreciate a modest amount of reward than huge ones that are difficult to
attain.
Eighth, make sure that each employee is informed. If possible, give out a
detailed copy of the incentive plan to each employee so that it can be studied.
Post on the wall and on your internal website to make everyone know that there
is an ongoing incentive program.
Ninth, do an annual evaluation. Compare results each year to see which
categories of performance are improving and which needs more attention.
This way, you could modify your incentive plan to hit those goals that need
more attention.
Last but not the least; offer various rewards aside from cash. To avoid
making your employees dependent on money, offer other ways of rewarding them
like vouchers or free tickets to the movies. This way, they would not
think of a monetary incentive as a part of their salary. Besides, giving
out freebies is just as motivating and inspiring.
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