Employed Physician Performance Improvement
The levels of subsidy required by employed physicians have grown beyond the tolerable. This may stop the growth and development of the valuable strategic resource that employed physicians represent, until total subsidies can be reduced, possibly by millions of dollars. Veralon can help you reduce those subsidies, by turning up the dial on the performance of your employed physicians.
Do You Need to Turn Up the Dial on the Performance of Your Employed Physicians?
We will work with you to improve short-term budgetary performance with a focus on high-return initiatives, and to create a framework for the sustainable growth of your employed physician practice(s).
Veralon performs a comprehensive assessment of current enterprise performance, then identifies and sets priorities for improvements to shrink subsidies and position your employed physicians for the future.
- In the Performance overview, we assess the overall financial position of your employed physician practices, clarify strategic objectives, and evaluate the location of existing practice sites.
- In our in-depth site and provider-specific performance evaluation for each practice location we review:
- Utilization, productivity, and financial performance
- Management and leadership
- Use of innovative practice models
- Effectiveness of practice management systems
- Quality measurement and reporting Efficiency and adequacy of ancillary services
- Physician recruitment requirements; and facility configuration
Physician Compensation Design
Compensation needs to be consistent with performance on both productivity and quality of care. Veralon assists you to align incentives with those goals and with value-based payment and other payer initiatives. We model and test the impact on physicians iteratively, to assure that the plan is equitable.
Operations Improvement / Practice Redesign
Veralon’s operations improvement work focuses on making each practice site, and the practices as a whole, more efficient and effective in providing care. We recommend approaches to optimizing scheduling for more efficient use of clinicians, support staff, and facilities; address needed changes in management and support staff levels and reporting relationships; specify requirements for information technology and data tools; and recommend future distribution of facilities, including consolidation of existing facilities when appropriate.
When combined with operational efficiency, promotion of employed physician practices means an increase in clinical income. Promotion may take many forms, ranging from central information sources, to traditional print and broadcast promotion, to effective and appropriate use of social media, to providing a structure and materials to support physician-to-physician marketing.
Organizational Design and Governance
Veralon works with you to establish a governance structure that will engage your employed physicians to achieve sustainably high performance. We also determine management requirements onsite and centrally.
To optimize revenue, we start with an assessment of basic revenue cycle indicators. The results of this analysis will indicate the relative priority to be given to:
- Improving charge capture
- Facilitating resolution of payer/ patient conflicts
- Payer mix management
- Optimizing fee schedules
Further analysis and recommendations will be conducted for improvement priorities. For example, if charge capture at a specific location is a problem, the response might include assuring that the right information is entered into the EMR at intake, or that newly employed physicians are given direction and assistance in transferring patient payer information for their practice into the hospital EMR.
In many cases it will be appropriate to analyze the potential impact of folding physician professional services into system-wide payer contracts.