<PAGE>
                                                                   EXHIBIT 10.34


                    IASIS MARKET EXECUTIVE INCENTIVE PROGRAM
                                 2004 PLAN YEAR

PURPOSE:

The IASIS Market Executive Incentive Program is designed to provide a financial
incentive and reward for exceptional performance.

ELIGIBILITY:

Market Presidents, Market Chief Operating Officers and Market Chief Financial
Officers are eligible to participate in the plan. Participation will begin
October 1, 2003 for active employees. Individuals hired or promoted after the
beginning of the fiscal year will begin participation the first of the month
following the date of their employment or promotion, individuals hired or
promoted during the fourth (4th) quarter of the fiscal year will not be eligible
for participation in the plan until the following fiscal year. Participants must
be employed at the time of the bonus payment to be eligible to receive the
bonus.

INCENTIVE

The incentive plan is based on the attainment of the established EBITDA target
and margin goal for the market for the fiscal year. The Market COO will have an
additional goal of paid hours per adjusted patient day (APD).

EBITDA and margin targets for this program includes the budgeted EBITDA and
margin plus the potential bonus payout amount.

Participants will receive a percentage of base salary as determined by the
following chart.

         EBITDA Goal for Market:

             1. EBITDA Goal Achieved : 40% of Base Salary for Market President
                                       25% of Base Salary for Market COO
                                       40% of Base Salary for Market CFO

             2. Participants may receive more than the target bonus amount by
                exceeding the EBITDA goal for the market.

<TABLE>
<CAPTION>
            EBITDA GOAL EXCEEDED             ADDITIONAL PERCENTAGE OF BASE SALARY
            --------------------             ------------------------------------
<S>                                          <C>
                  100-104%                                    0%
                    105%                                     10%
                    106%                                     14%
                    107%                                     18%
                    108%                                     22%
                    109%                                     26%
                    110%                                     30%
                    111%                                     34%
                    112%                                     38%
                    113%                                     42%
                    114%                                     46%
                  115 + %                                    50%
</TABLE>


<PAGE>

         MARGIN ACHIEVEMENT:


<TABLE>
<CAPTION>
                                         PERCENTAGE OF BASE SALARY
                                      ---------------------------------
    MARGIN GOAL ATTAINED       MARKET PRESIDENT          MARKET CFO     MARKET COO*
-----------------------------------------------------------------------------------
<S>                            <C>                       <C>            <C>
      Exceeded Budget                 10%                  10.0%           5.0%
     5% > Budget Amount              12.5%                 12.5%           7.5%
    10% > Budget Amount              15.0%                 15.0%           10.0%
</TABLE>

* Paid Quarterly


         PAID HOURS PER ADJUSTED PATIENT DAY (APD)

<TABLE>
<CAPTION>
                      PAID HOURS PER APD (MARKET COO ONLY):
             APD GOAL ATTAINED                        PERCENTAGE OF BASE SALARY
             -----------------                        -------------------------
<S>                                                   <C>
              Exceeded Budget                                    5.0%
           5.0% < Budget Amount                                  7.5%
            10% < Budget Amount                                 10.0%
</TABLE>


SPECIAL NOTES

         1.       Plan participants must be employed at the time of the bonus
                  payout in order to receive payment from this plan.

         2.       IASIS Corporation executive management reserves the right to
                  change, modify, or terminate the incentive plan, or any part
                  of the plan, at any time without prior notice to the plan
                  participant.

         3.       Any other incentive plans that may be currently in effect are
                  terminated with the implementation of this plan.

         4.       Internal and/or external events may impact the goals of the
                  hospital and therefore require an adjustment to the goals
                  established at the beginning of the fiscal year.

         5.       Payments will be made as soon as administratively possible
                  following the end of the annual measurement period, but in no
                  case sooner than completion of the annual audit of the
                  company.

         6.       Individuals hired or employees promoted after the beginning of
                  the fiscal year will receive a prorated payment based on the
                  time assigned to the position.

         7.       Management reserves the right to subtract from EBITDA for the
                  purposes of this calculation any shortage of cash collections
                  that are below 100% of NR for the year.

EFFECTIVE DATE

This plan is for the fiscal year beginning October 1, 2003

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