With this kind of title, I bet you were thinking, “Hey, there is going to be a trick!” Well, there’s not a really a trick. But, we do have a tip: Use market data to establish physician payment rates.
There it is. The straight story from someone who is not in the business of producing, assimilating, repackaging, benchmarking or from one who gains by suggesting this be part of your strategy. And, here’s another tip: Use market data consistently and often. Take a page out of Nike’s book — Just Do It!
Have you ever flown Southwest Airlines? Sometimes the flight attendants, jazz up the safety speech with a quote, “If you haven’t ridden in car since 1972, this is a seatbelt.“ Well, if you haven’t been in hospital management since 1990, it is illegal to pay physicians more than fair market value (FMV) rates. The reasons are obvious to all who work in legal, compliance, and those awake in hospital leadership.
Now, for even more tips:
Paying physicians is complex and highly regulated. Make sure to follow these tips to keep your rates within market data rates. No trick, they will keep you out of hot water!
