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Improve ROI with Automation in Physician Compensation

Physician compensation is a critical function at healthcare organizations. Without automation, the risk of errors as well as the inability to provide transparent, accurate compensation information to providers is exponentially higher.

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Improve ROI with Automation in Physician Compensation

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  1. Improve ROI with Automation in Physician Compensation

  2. Introduction • Rely on spreadsheets and manual effort to administer physician compensation are falling behind at Healthcare organizations. • Automation unleash the Physician compensation full potential to improve physician turnover to revenue generation. • Director of Talent & Rewards at “Willis Towers Watson” Said, “The automation capabilities of compensation software have been a game-changer for many compensation professionals”.

  3. Automation Improves Accuracy • Reducing or eliminating errors in compensation- frustrating and costly. • Transferring, calculating, or verifying information manually within spreadsheets, errors are virtually inevitable. • Automation through a single source of truth technology platform immediately eliminates human error and transfers information between systems. • Without automation, compensation data is trapped in Excel.

  4. Automation Improves Accuracy... • Automation through a smart technology platform enables administrators to run exception reports and receive alerts that flag calculation errors and incorrect entries. • Massive cost savings by physician compensation automation by reducing re-work on error elimination or correcting human mistakes. • Becker’s Hospital Said, “Organizations could realize savings that equal up to two percent of total annual costs by eliminating inaccuracies and noncompliance through contract management automation”.

  5. Automation Improves Provider Retention • 54% of physicians are considering some kind of employment change. • The average cost of a lost physician can hit excessive loss of revenue and profitability. • Inadequate communication and errors can lead to distrust and disengagement, and thus turnover.

  6. Automation Improves Provider Retention... • An automated system gives more insights on performance, quality and value based measures. • An automated system provides real-time data where provider can get answers related compensation faster. • An Idaho-based health system, captures the mechanism by which compensation automation prevents costs associated with turnover.

  7. Automation Improves Productivity • An automated compensation management improved productivity through better use of rewards and incentives. • Poorly calibrated and misaligned incentive programs as- • 41% to 47% of physicians earn 80% or more of the incentive dollars they potentially could. • 22% to 32% of physicians earn only 20% or less of the incentive dollars. • Incorrect incentives to reporting delays making it difficult for physicians to match compensation goals.

  8. Automation Improves Productivity... • Automation can play a pivotal role in boosting total productivity and revenue generation. • An automation system, automatically calculate and analyze data and reveal all problems and opportunities. • A Kentucky-based health system using HII PC’s automation Said, “It’s invaluable… If we are looking at a new model for whomever, [it] enables us to do a much better job of projecting and modeling for the future. It just makes it so much easier”.

  9. Discover Detailed info on Physician Compensation Automation- Visit: Improve ROI with Automation in Physician Compensation

  10. Thank You Heisenberg II 200 Motor Parkway, Suite D-26, Hauppauge, NY 11788 Call us: (855) PHYSCMP (749-7267)

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