Today hospitals still face many regulatory and compliance risks. However, we aren’t out of luck quite yet, because there are several ways hospitals can reduce these types risks. Here, we highlight six ways to avoid costly fines and settlements specifically related to physician compensation practices.
As we know, healthcare is a huge deal. However, something you might not have known is that by 2025, healthcare in both private and personal spending will be one fifth of the GNP according to the Peter G Foundation. This means the pressure is on to engage physicians.
There's an overwhelming amount of data in the most recent U.S. Cost Report. For your convenience, we broke it down to highlight three insights that reveal the opportunity for hospitals to capture additional revenue.
Are you feeling as though you’re missing out on revenue that your hospital deserves? Well, there’s a great possibility that you just might be. No need to worry though, we have laid out five situations that are telling signs you’re leaving money on the table.
Topics: contract management systems
A wise person once told me there are only 2 levers in business. You can do one of two things to succeed profitably. You can increase your revenue or decrease your expenses. It’s really that simple. To improve profitability you must either increase your revenue or decrease your expenses. I’ve personally been part of organizations that were growing as well as those that were not growing, even shrinking in revenue. Let’s start with growth though.
Topics: physician contracts
Are gearing up to go to the HFMA Fall Institute? There’s going to be plenty to do on the conference floor...but if you find the time, you should slip away and enjoy what Gatlinburg has to offer. We’ve compiled some travel advice you might want to keep in mind when packing your bag and planning your visit.
To remain competitive and serve their core mission of patient care, hospitals must continually find ways to cut costs and increase revenue.
Opportunities to reduce costs on physician payments for administrative duties are usually overlooked because of legacy operational processes in place. Hospitals contract with physicians to serve as medical directors for strategic service lines, shift work or on-call work, research grants, and teaching programs for graduate medical residents. Most often, savings are readily available with stricter adherence to contracted duties and payment terms through software that automates these processes.
Any hospital organization’s physician alignment strategy is a major driver of its mission and clinical agenda. As such, the hospital’s cost to pay physicians for their work represents a significant portion of it’s operating budget. This investment in the physicians’ services and expertise is a cost that directly and indirectly affects the quality of care the hospital delivers to patients, which CMS recognizes by reimbursing hospitals directly and through multiple incentives related to a hospital’s reported physician costs.
Topics: physician alignment
Paying a physician for administrative time is easy, right? You write a contract, the doctor turns in a time log, someone signs off on it and a check gets sent out. Easy, right?
In the words of the great Cher Horowitz, “As if!” (Clueless, 1995)
I (among other things) read contracts for a living and figured something out long ago: physician contracts are rarely written by the people who need to administer them. If they were, they’d make sense and be easy to use. Instead, they’re written to be legal, compliant, cost effective and to help with physician alignment. This leads to physician compensation plans that are difficult to administer.
Topics: physician payment
Most hospitals still rely on paper time logs to manage their physician administrative agreements. Ludi’s hospital clients have realized many benefits from a physician software solution that automates paper time logs and creates benefits for physician users and hospital administrators that oversee physician payments. Physician contract logging software is the solution for assisting physicians when logging their medical directorships, on- call, or co management administrative agreements with their hospital partners.