Following a compensation analysis, Cooperstown, N.Y.-based Bassett Healthcare Network will increase its workforce compensation by nearly $50 million.
"I can never say it enough — our caregivers and practitioners are the heartbeat of our organization and our most vital asset," Tommy Ibrahim, MD, president and CEO of Bassett Healthcare, said in an Aug. 4. press release. "Investing in our people is an investment in our patients and communities. I, along with our network board of directors, am 100 percent committed to making Bassett a best place to work nationally because our employees deserve nothing less."
The compensation analysis was conducted through a partnership with firm Gallagher which conducts physician and healthcare compensation surveys, and analyzed "job descriptions, years of service, education, experience, and market data among other details to put in place a new pay grade structure and harmonize job titles."
A separate analysis from Sullivan Cotter will also affect the health system's pay scales for practitioners, with Bassett Healthcare planning to offer incentive pay.
Additionally, Bassett Healthcare recently increased its minimum wage to $16 an hour.