Tackling the Hospital Financial Blindspot
Forward-thinking hospitals and health systems are doing their best to tackle a serious but common financial blindspot in the provider world called, “physician spend” – the total dollar amount a hospital spends on their physician arrangements.
Why is this a blindspot? Because physician spend data – which represents millions, sometimes billions of dollars – is usually siloed within organizations, garnering very little attention. And the underlying processes driving this data – specifically, tracking physician time logs and corresponding payments to those doctors – are typically paper-based, complicated and sometimes not in scope with a physician's specific contract.
It is this exact of a scenario that drives excessive costs and compliance risk.
Ludi’s DocTime Technology Suite is designed to effectively measure what you’re spending on your physician contracts, enterprise-wide, by helping you automate two critical processes within your operations: physician time log documentation and corresponding payments to those doctors. Our technology was designed for physicians with direct feedback by physicians. And, being a data-obsessed team, we constantly look for patterns and trends to help drive meaningful results for your organization.
It’s win-win for everyone. Hospitals stay within key compliance regulations, while lowering expenses and increasing reimbursement and team productivity levels. And physicians reduce their chances of burnout and feel more satisfied at work because they get paid on-time, have less manual processes to worry about and, best of all, they get to concentrate on their true passion: caring for their patients.
The Numbers Speak for Themselves
We recently conducted a hospital market survey and found a couple of concerning trends in the way hospitals measure physician spend and related operations today:
27 percent of hospitals still do not collect time logs for physician administrative work, which violates Federal laws.
Health systems are not measuring their physicians employed time and 42 percent do not require employed physicians to complete time logs for administrative work.
If a health system does get the paper time log process rolling, there are still major pockets for errors:
21 percent reported illegible time logs
71 percent reported issues with late submission
21 percent deal regularly with the dreaded “rework” for clarification