sherryk1968
Contributor
So if a job posting lists that it offers a monthly retention bonus does that mean that the job sucks and they can't keep people?
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Wiki Monthly Retention Bonus?
- Thread starter sherryk1968
- Start date
Pam Warren
True Blue
I don't think you can assume that. In my experience, jobs 'suck' when the wrong person with a poor attitude is employed. As in all things in life...it is what you make of it.
Many organizations are considering retention bonuses during this time of transition into ICD-10 to keep coders from leaving. Hiring, training, mentoring, and processing new employees for ICD-10 and coding in general, is expensive and time consuming, and the cost of coder turnaround can double the organization's salary expense over a year's time. So it's cheaper to provide a retention bonus to avoid those costs and encourage longevity. It may have nothing to do with the job duties.
Many organizations are considering retention bonuses during this time of transition into ICD-10 to keep coders from leaving. Hiring, training, mentoring, and processing new employees for ICD-10 and coding in general, is expensive and time consuming, and the cost of coder turnaround can double the organization's salary expense over a year's time. So it's cheaper to provide a retention bonus to avoid those costs and encourage longevity. It may have nothing to do with the job duties.
sherryk1968
Contributor
Thanks, I wasn't even thinking about the transition. Was just thinking that they may have a high turnover rate.
mm3400
New
Thanks ladies for the question and answer! I am a newbie trying to get her first entry-level job and it is very hard with no experience in healthcare. Maybe I will have a better chance the closer we get to October 1st.
cmc6515@msn.com
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That's what I'm hoping for also. When I first started my CPC course I said to myself "What did I get myself into?" Then I took the ICD 10 course and oh my what a difference. I like ICD 10 so much more then the ICD 9. I understand it better and it's easier to come up with the exact code that you need. Now as long as the documentation is there I'm ready to play.