Managing physician group performance and compensation with financial analytics
One way in which Agilum’s Service Line Costing and Profitability (SLCP) solution is making finance executives’ lives a lot easier is by helping hospital-owned and independent physician groups improve financial performance. SCLP provides objective, near real-time data analysis that helps manage costs and profitability as well as physician engagement and satisfaction.
Most physician groups lack the tools needed to gain near real-time visibility into their overall financial health and performance. Many current methods of analysis and reporting are still done manually, usually through Excel or external consultants, and don’t offer decision support in a timely manner. This manual process can often be cumbersome and inaccurate.
Healthcare organizations are being increasingly challenged to develop and administer complex physician compensation plans using disconnected, labor-intensive processes and inadequate software. Agilum’s SLCP solution automates a number of critical functions, providing a much-needed boost to overall operating efficiency. It will undoubtedly save hospitals and physician practices time and money by allowing staff to focus more of their efforts on the thing that matters the most—the patient.
Agilum’s SLCP can help physician groups:
- Reduce compensation errors
- Eliminate over/under compensation payments
- Enable administration to align provider compensation around quality metrics
- Reduce staff hours spent calculating physician productivity and compensation
- Allow for historical AR analysis by payer/patient
- Benchmark against internal and external data points
- Improve physician satisfaction
“We are finding that many clients have a need to establish a single source of truth for performance data and build a culture of transparency,” says William Kirsh, DO, MPH, Chief Medical Information Officer for Agilum.
Special features include:
- Analyze trended provider-specific data points
- High level executive analysis reflecting relevant key stats and operating measures
- Historic A/R analysis
- Aging A/R analysis
- Ad-Hoc analysis
- Physician benchmarking
- Individual user security, end users only see what’s relevant to them
Agilum’s SLCP provides an easy to use, robust solution to automate and streamline physician compensation reporting that can increase productivity and satisfaction.
