The sophistication used to test old and/or develop new physician compensation models can vary greatly. While the key focus areas during the review and design process have historically included professional collections, wRVUs, and compensation, the introduction of data analytics and interactive dashboards has revolutionized the compensation design process, especially as reviewing these models is becoming increasingly difficulty with the introduction of value-based care compensation and the continues Medicare Physician Fee Schedule changes.
Professional collections, wRVUs, and compensation continue to play a critical role in evaluating and designing compensation models. However, data analytics can now provide greater clarity for healthcare leadership with the ability to perform a more comprehensive review of the overall financial impact of their compensation models. The analytics also allow practice and hospital administrators to gain a more thorough understanding of individual provider revenue generation, by Current Procedural Terminology code, and provide the data needed to monitor various compliance details (e.g., provider-specific coding patterns) in addition to various quality measures (e.g., Merit-based Incentive Payment System).
Providing a more robust and comprehensive compilation of operational, financial, and practice data allows clients to have physician compensation reports with the information they need to make the best decision. While all the data needed from a practice or hospital is available on their IT Solution (e.g., Centricity, Athena, etc.) the format in which the data is reported and exported, from these systems, can be difficult to analyze.
To better serve our clients looking to re-evaluate or create a brand-new compensation model, LBMC has developed a proprietary Dashboard (customized to each client), a physician compensation SaaS (software as a service), that includes over 50 visuals, key-practice indictors, calculations, and tables. The Dashboard provides a comprehensive review by reporting certain key metrics including, but not limited to, Non-Contractual Adjustment Type Detail by Payor, E/M Key Financial Stats by Month, Total Charges, Total Payments, Total Adjustments, Gross Collection Ratio, Net Collections Ratio, Charges as a Percentage of Medicare, Payments as a Percentage of Medicare, Production by Month, wRVU Collaborative Breakdown, Clinical Service Hours Comparison, Calculated Clinical Full-Time Equivalent status by Center, Historical Compensation and Productivity Benchmarking, Proposed Compensation and Productivity Benchmarking, Medicare Physician Fee Schedule Revenue and Compensation Impact Analysis, and Bad Debt by Service Type. Through these visuals, clients can easily review and track the complexities of the ever-changing environment, including value-based care arrangements and Medicare Physician Fee Schedule changes.