Is a physician working harder and getting paid less? Here’s a way to answer this age old question.
Take a look at calculating Visits per Day Worked. Start by counting all Visits for the reporting period and then tally up each work day. Make sure to exclude all days off including vacations or weekends. Divide your Visits by the number of work days to get a visits per work day ratio. You can calculate this number monthly, for at least 6 months, to produce a trend.
To figure out if a physician is truly working harder and getting paid less, calculate a monthly average of payments per visit using fully adjudicated claims for six months. Compare the resulting trend against the trend for Visits per Day Worked. If the trend line for Visits per Day Worked is increasing while the trend line for Payments per Visit is decreasing, the physician may indeed be working more while getting paid less. If the inverse is true, your physician may be seeing less actual patients but those visits may include more complicated patients with visits of increased complexities.
Some key takeaways
- Measure and compare what each physician is contributing to the practice
- Promote physician accountability and nurture a “Best Practices” culture
- Implement improved compensation models with additional incentive plans
Better performing practices track productivity performance indicators for analysis and benchmarking per Location, Provider, Procedures and more. If your practice is manually producing these types of reports, it can be a tedious, error prone and laborious process that involves compiling lots of data and managing many formulas.
Let dashboardMD hear about how you may be applying these metrics and maybe even provide you with a solution to deliver a turnkey dashboard reporting environment to monitor performance results against goals with drill through analysis and automated reports via email.
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