Managing and tracking physician agreements creates a tedious process for most hospitals, but it’s also a mission critical process that ensures physicians are paid accurately and on time. With COVID-19 dramatically impacting hospital operations, hospitals are discovering that their current processes for documenting physician work are insufficient, resulting in not only delayed payments to the medical teams on the front lines of the crisis, but potential gaps in documentation to meet the requirements for CARES Act funding. Automating these processes has become an operational priority.
While most hospitals already leverage some technology to track contract specifics, such as contract management systems, the most innovative hospitals are seeking to automate the actual payment, from start to finish. The result of these initiatives creates better alignment with physicians, ensures accurate documentation and payments, and provides better visibility into physician relationships.
Here are five top components to a successful physician-payment automation:
Automating physician payment processes solves current operational challenges that have been exacerbated by COVID-19, but also allows forward-thinking hospitals to create a strategic advantage over their competitors by better controlling operations, compliance and finance functions.