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11/15/2017 

Ludi Newsletter

Dwindling reimbursement, regulatory uncertainty, and shifting payment models have hospital leaders navigating a rapidly growing landscape of choices. Here are our notes on what decision-makers need to know in the industry to stay ahead of the changing tides.

Handpicked Articles For You

Are female physicians at a disadvantage in negotiating physician contracts? Survey says, probably. According to an AMA survey, "most women (64%) said they experienced a disadvantage in contract negotiations." Have you seen gender have an impact in negotiations? 

EMRs have huge benefits...and are taking up equally huge chunks of provider time.  EMRs are often a topic of complaint among medical professionals. According to MD Magazine, an average of 3.7 hours per day are spent updating and accessing EMRs. We're pro-technology and there are significant long-term benefits. To overcome tech challenges, though, your team has to be unified and the technology has to make the process efficient.

Physician contract negotiation tips that might be good to know for both sides of the table. Mark Smith, president of Merritt Hawkins & Associates, created a widely circulated article that cites 7 key considerations that'll help your hospital prepare for any negotiation.

Ever think about all of the nuances that go into physician contract costs? MD Ranger's breakdown of 28,000+ contracts revealed some key factors that influence rates. One interesting note is the savings opportunity with multi-facility agreements. According to the post, adding a second campus only increases the cost of a single-facility agreement by 26% -- meaning campuses that partner could save 37% each. Check it out to see other factors they spotlighted!

 

Insights From Us

In our latest article, 5 Signs Your Hospital is Missing Out on Revenue, we shed light on common situations hospitals find themselves in that are telling signs they are missing out on revenue5 Signs Your Hospital is Missing Out on Revenue

Here's the summary breakdown: 

1. You don’t know what you’re spending on physicians administrative time: The average hospital spends about $10-20 million on physician administrative time, yet it’s hard for them to answer what makes up that spend or how many agreements they have.

2. Your teaching program is so successful that you don’t worry about capturing GME reimbursements: Hospitals with teaching programs, regardless of reputation and/or brand, are entitled to capturing revenue for doctors who spend time with graduate medical students. 

3. The other major hospitals in your area are doing a better job to improve the Area Wage Index: If CMS determines reimbursement based on an index calculated from costs submitted in your area, it seems like you want to take every opportunity to capture those costs as well as lean on other hospitals to do the same. 

4. Your CMS cost report has no physician compensation data: We see this over and over. These organizations are leaving a lot of money on the table.

5. Actually, you are already doing everything possible to increase revenue: Ah, yes, you’re a Ludi client already capturing more data than you thought possible. In fact, as a Ludi client you run a Year End cost report, parse out non-compensable duties for CMS (such as for marketing) and combine with your other data assets — saving your finance team weeks of work. 

Read the Full Article Here

[Infographic] Findings from U.S. Cost Report Data that Drive Revenue

CMS’ most recent U.S. cost report is full of data. But what insights should you derive from all of the information, and what’s just noise or not relevant to your needs?

We broke it down to highlight three insights that reveal opportunity for hospitals to capture additional revenue.

Us Cost Report Data That Can Drive Revenue

 Still Unsure What We Do?

Let's clarify! Here at Ludi, we help hospitals improve their physician contract management processes to acquire additional revenue. If you're more of a visual learner — check out our quick video!
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Managing Your Physician Contract From a Financial Standpoint

Few hospitals manage physician contracts exactly the same...but what most have in common is that they are inefficient in one or more areas. That’s costly!

We co-hosted a webcast last month with MD Ranger that focused on how hospitals can pay FMV and make/keep more money in managing physician agreements. If you missed it, check it out here:

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