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7 Steps to Smarter Physician Compensation Technology

Today’s provider compensation process is one that is ever-changing, always challenging, and heavily dependent on great staff following strong processes. Many areas in healthcare have benefited from the tremendous impact of technology in meeting such challenges; so why are more than 90% of groups managing provider compensation still leaning on Microsoft Excel?

Thankfully, Excel is no longer the “technology standard” for your exemplary staff and processes. Today, compensation administrators have an opportunity to completely automate the manual and tedious aspects of the provider compensation calculation process. That opportunity is the advent of revolutionary technology that can deliver the configurability required to manage each organization’s arrangement variation and contractual complexities.

But what sets this technology apart from other options, like Excel, in administering compensation programs? The following 7 criteria are key to modernizing and effectively managing today’s provider compensation.

1. Single Source Technology

It’s essential to tie all of the various components that drive an accurate provider compensation outcome into one source. As organizations increase the number of metrics they use to compensate physicians, it’s critical to develop and adjudicate compensation plans in a transparent manner. Furthermore, it’s equally significant to create a mechanism to model future compensation plans to determine the scalability and sustainability of plans and providers.

2. Transparency

Clarity of communication is often the key to any relationship’s success, so a solution should automate the manual processes of administering physician compensation plans. That means automating calculations and adjudication, as well as providing real-time feedback to administrators and physicians on performance under the compensation methodology. This kind of automation allows organizations to increase transparency while providing secure access to information. That transparency allows for more robust discussion of alternatives and alignment between the enterprise and physicians.

3. Accuracy

Implementing “single source” means eliminating discontent over compensation communication and avoiding fraying the fabric of the provider relationship. Validation and accuracy must be the cornerstones of any physician compensation plan. Disconnected systems and manual processes will only lead to additional and significant challenges in administering competitive, legally compliant compensation plans.

4. Auditability

Any solution must efficiently manage, evaluate, and adjudicate physician compensation plans. In other words, physician enterprises need to more efficiently track and measure the success of their physician compensation plans against organizational goals and objectives. The right technology can help physician leaders to focus more on leading their organizations and less on the administrative components of their position. Having the power to audit and learn from the past is key to creating a more effective and efficient tomorrow.

5. Improved Collaboration and Productivity

Operating in a single source environment can improve the ways in which users collaborate, which in turn improves productivity. This is especially true in the provider space where a continuum of information can involve Administration, Compensation Analysts, Contract Administrators, Legal and Audit, and Compliance and Providers. Working together in a single source solution streamlines current process workflows and allows the future development of new strategies as models and processes evolve.

6. Improved Focus on Business Strategy

Operating in a cloud environment means that businesses need to enforce governance policies more effectively than in on-premises environments. The benefit is that processes run smoother. A solution should be nimble enough to establish client-centric calculation rules, approval levels, and workflows for each instance of compensation. Today’s provider compensation management business strategy must be scalable and sustainable.

7. Data Redundancy and Disaster Recovery

Your business will benefit from having multiple copies of data on the Solutions Provider´s servers if an outage ever occurs. Administrators already bury themselves under a mountain of provider information (HR detail, contracts, amendments, output reports, productivity details). Should a disaster occur, being able to recover data at the click of a mouse will enable your organization to recover faster and minimize business disruption.

Smarter Physician Compensation Technology with Heisenberg II

With the Heisenberg II platform, organizations can ensure compliance, enable transparency, and empower validation throughout the physician compensation process. The Heisenberg II solution aligns and supports today’s healthcare industry with reducing costs while maintaining quality of care and profitability. Let your resources and processes truly flourish with the support of revolutionary technology.