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Next-Gen Provider Comp Reporting Fuels Superior Physician Performance, Retention
Next-gen provider compensation reporting can be transformative for hospitals, health systems, and medical groups. It can increase productivity even as it significantly reduces the time it takes to administer provider compensation.
But it’s not just the organization and its compensation administrators who benefit. When a healthcare organization can provide its physicians and Advanced Practice Providers (APPs) with a clear and transparent view of their compensation details, it can foster a culture of trust with those providers and bridge information gaps. That can help providers to gain insight into the compensation factors they can control, like:
- Any productivity components of compensation (e.g. wRVUs) during any period, including trends over the past 12 months, with an ability to see how they are tracking against their target.
- At-risk or value-based components of compensation, including any metrics related to quality and patient satisfaction.
- Benchmark comparisons (e.g., to see their productivity is at 70% of industry standard for x specialty).
- CME expenses or reimbursements and leave management providing visibility into the impact of proration based on leave.
In short, reporting-powered transparency enables providers to find, view, and analyze any data resident in the system related to their compensation-related questions and see the answers portrayed clearly through a custom, role-based dashboard.
That means, if physicians question their pay check, their bonus or other incentives, they can turn to a next-gen reporting system like Heisenberg II Physician Compensation to gain clarity into both why they earned what they earned as well as how to improve their performance.
For instance, physicians could run reports in real-time that show how much they are being paid based on their performance and where they’re lagging (or, alternatively, if they are exceeding their contracted terms). They might see that they’re falling short on the number of patients they’ve been seeing, for example, so they need to get additional appointments or procedures scheduled to meet their goals.
With this kind of information, reporting and data transparency can help providers reach superstar status.
Only the right reporting can power improved provider productivity.
Ordinarily, the complexity and volatility of traditional compensation management processes can make this kind of detailed, in-depth provider reporting prohibitively difficult to implement and manage. The reality is that most hospitals are still mired by manual processes, and disparate data sources – making it extremely difficult to offer the transparency that providers desperately need.
Further, provisioning only high-level, aggregated data to providers simply isn’t sufficient to generate true transparency. Providers, like administrators, need to be able to dig into any specific element of their compensation to get granular details.
Providers can only understand why they were paid what they were paid at any point of time if they have the ability to drill down into their pay details. Organizations can choose to share patient level detail with a HIPAA-compliant solution and surface information like, what are my top CPT codes (and view them by service, patient, service date or whatever level of detail is preferred). With Heisenberg II, organizations can aggregate all data elements related to compensation from all sources into a single, automated compensation management platform, making previously invisible data visible, accessible, and understandable by providers.
Smart reporting can also make providers feel valued, fostering trust.
When providers can’t see or understand the connections between their compensation and all relevant pay elements, it has more consequences than just making it harder for providers to discern how their own behavior and decisions impact their compensation. This mutual visibility is essential to achieving alignment of the organization’s clinical and financial goals.
It can also erode trust if physicians begin to question whether their employer is meeting its obligations, or if they observe inconsistencies over time in how pay is calculated and adjudicated. It can also help the administration discuss proposed changes and evolutions to compensation models and help drive standardization throughout the administrative process.
Advanced reporting sheds more insight and visibility into the compensation process, while simultaneously reducing the incidence of errors and laying the foundation for trust. In short, transparency is key to any long-term physician engagement and retention strategy.
About Heisenberg II Physician Compensation
To fill the growing need for a source of truth platform for provider compensation administration, Hallmark Health Care Solutions developed Heisenberg II (HII), which is being used in all 50 states and is approaching 40,000 contracted providers and $3 billion in calculated compensation. Click here to learn more.