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What is the real ROI of Physician Compensation Management Technology?

Analytics

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What is the real ROI of Physician Compensation Management Technology?

January 10, 2019

What is the real ROI of Physician Compensation Management Technology?

A physician compensation technology platform can have profound impacts on health system operations, physician relationships (including turnover and retention), and even patient experience, delivering return on investment (ROI) in areas that organizations don’t typically consider technology as a means to mitigation. But how does that ROI translate into real returns, including quantifiable cost savings? Can such systems truly pay for themselves?

Answering these questions can pose a serious challenge. There are so many ways to peg ROI, especially when preferred performance indicators can differ by client based on geography, size, and organization type. Furthermore, ROIs are only as good as users successfully leveraging the system.

Yet, physician compensation technology has undeniably profound benefits that are well defined, and it’s straight-forward to translate operational and process improvements into actual dollars.

What is physician compensation software? This technology minimizes the manual processes of administering, measuring, and managing the performance of physician compensation plans. It automates the calculation and adjudication of physician compensation, provides real-time feedback to both administrators and physicians, and dramatically improves information transparency for all stakeholders.

In this paper, we assess the ways that organizations can “cost justify” such an investment in compensation management systems. We look at common challenges that medical groups experience and then detail the potential ROIs that they can reasonably expect from leveraging physician compensation technology.

The full Hallmark Healthcare Solutions paper can be downloaded below.  

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