Software is taking over the world and no professional service is safe – but that’s not necessarily a bad thing. The development of automated solutions, like LBMC’s Pulse FMV Calculator, is driven by hospital and health system needs to quickly assess new physician recruitment offers, renewals of existing contracts, and various other compensation arrangements with healthcare providers.
8 Benefits of Using an Automated Tool for Obtaining FMV Support:
- Save Money
Most compensation arrangements can be supported using online tools. Healthcare organizations can save money on consulting fees while still getting the defensible FMV opinions they need. No one should ever forgo getting an FMV opinion because of budgetary constraints. The Pulse FMV Calculator has multiple pricing models. Contact our product team to discuss your options and determine which plan fits your organization’s needs.
- Save time getting FMV support
A typical valuation performed by a third party can take weeks to obtain an initial draft opinion, while an automated solution can give you an FMV opinion in seconds. Pulse FMV Calculator is a web-based application that delivers complete FMV opinions in a matter of minutes and is accessible through any computer, tablet, or mobile web browser 24/7/365.
- Defensible FMV support from an experienced firm with specialized professionals
Healthcare organizations can reduce their risk exposure and stay in compliance by using FMV compensation tools developed by specialized healthcare valuation professionals. The Pulse FMV Calculator was developed by LBMC’s team of experts in the Compensation Valuation field, leveraging decades of experience conducting thousands of valuations.
- Improve the physician hiring process
Streamline your process so your team can spend more time hiring and less time on the logistics. If you have a physician to whom you would like to make an offer, an FMV Calculator solution will help you outmaneuver the competition. The Pulse FMV Calculator allows users to assess compensation terms and determine proposed rates that are Fair Market Value. They can even generate offer letters to send to prospects.
- Eliminate the risk of losing institutional knowledge
When an organization uses its own internal models, someone must know how to manage the process of performing annual adjustments for surveys, market data, RVU fluctuations, and changes in reimbursement and inflation. When someone leaves, organizations risk losing institutional knowledge and being forced to relearn how and why things were done a certain way. LBMC’s dedicated product team updates the Pulse FMV Calculator tool regularly to account for all these factors and adjustments. LBMC’s automated FMV tools are always calibrated with the latest market data and considerations for FMV support.
- Increase visibility and oversight of obtaining FMV support
Calculator solutions centralize the contracting process. This allows healthcare organizations to maintain a transparent process for valuation requests, as well as searchable repository of past FMV opinions. The Pulse FMV Calculator was designed so administrative users can manage controls and permissions for all users on their account.
- Eliminate unnecessary correspondence with the valuator
We all receive too many emails. Web-based solutions enable access to compensation rates without having to schedule calls, meetings or wait for responses. Even when you do need to speak with a professional, having a platform like the Pulse FMV Calculator to upload arrangement data can increase the efficiency of your FMV process.
- Hardwire a sound process
Automated solutions can help you establish more than FMV support alone. A question you should answer when entering into a compensation arrangement: Does the arrangement make “business cents (FMV)” and “business sense (CR)”? The Pulse FMV Calculator makes sure your process for obtaining FMV and CR opinions is sound.
Don’t leave efficiencies on the table! Contact the LBMC Healthcare Compensation Valuation team to learn more about how you can implement these tools in your organization or visit our Pulse FMV page to request a free demo today.