Tackling the Hospital Financial Blindspot
Innovative hospitals and health systems are working to strengthen their strategic alignment with physician partners by focusing on a key business area in their physician compensation strategies – “physician spend,” or the total amount of money spent on their physician contracts hospital-wide.
Why is there a strong focus on this area? Because the processes behind physician spend – namely, how doctors get paid for their work based on their contracts – are often paper-based, confusing and lack ownership.
Our DocTime® Suite of technology solutions is an integrated physician time-keeping software and financial management system that helps hospitals manage all of the complex tasks, rules and data associated with their physician agreements. It tracks physician activity in real-time, gathers the necessary approvals, then seamlessly delivers payment information to finance teams (payroll or Accounts Payable) for easy distribution to doctors
The Numbers Speak for Themselves
In our most recent hospital survey we found two key trends in the way hospitals manage and track physician contracts and corresponding physician payments.
Trend #1: The On-Going Toll of Administrative Work in the Physician Payment Process
55% of physicians report spending 1 to 3 hours per day on administrative work unrelated to patient care or EHRs.
68% of physicians said burnout was an issue they were currently dealing with or had dealt with in the past.
Trend #2: The Need for Hospital Automation Software in the Physician Payment Process
83% of hospital finance professionals described the process of paying physicians at their hospitals as “very cumbersome” or “with some challenges.”
68% of physicians agreed hospitals should alleviate administrative burden in order to increase satisfaction.