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Offer nonqualified deferred compensation to boost physician compensation without costing the practice a dime
In their efforts to attract and retain top-notch physicians, many practices focus only on ways to increase current income offers through either higher salaries or a variety of bonuses and incentives. But when The Polyclinic in Seattle, a multispecialty clinic with 110 physicians, developed a strategic plan to improve recruitment and retention efforts, it looked at the bigger picture and realized that retirement security was an important and often overlooked aspect of overall compensation.