Yale New Haven Hospital has rolled out the Performance Incentive Plan (PIP) for fiscal year 2019, which includes a few new measures as well as several familiar goals.
Now in its 20th year, PIP has the same basic structure – employees are asked to collectively meet tiered goals and will receive a financial reward based on goal achievement. The size of the reward shared by eligible employees at year-end is determined by the degree to which employees achieve goals – maximum exceeds expectations, target meets the goal, and threshold is acceptable, but falls short of target.
Again this year, eligible employees can potentially earn up to a 3 percent PIP payout. Payout will be based on hours and earnings between Sept. 30, 2018 and Sept. 28, 2019.
“Considering the increasingly challenging economy and current financial uncertainty of our state, we are especially pleased to be able to offer PIP to employees once again,” said Richard D’Aquila, president. “As we continue to grow and provide safe, quality, patient-centered care, it is important to remain focused on our goals. This year’s PIP program includes goals that continue to reflect the ongoing priorities of our hospital and health system.”
The four hospital-wide areas of performance remain the same: patient safety and quality, patient experience, employee engagement and financial performance. Each area receives equal weight of 25 percent.
Patient safety and quality includes two measures:
Patient experience measures patients’ and families’ experiences at YNHH as expressed in Press Ganey surveys. It includes three measures:
Employee engagement includes employee participation in two initiatives:
Financial performance includes the sole measure of the hospital’s operating margin. For 2019, the hospital’s net operating margin target goal is 4.1 percent.