Hospitals Express Deep Concerns About Processes Used to Compensate Doctors, New Survey Shows
NASHVILLE, Tenn., June 17, 2020 /PRNewswire/ -- Ludi, Inc., a health care technology and physician-advocacy firm, today announces findings from its recent survey of hospital financial leaders nationwide. The survey was conducted by Healthcare Financial Management Association (HFMA), a not-for-profit, nonpartisan organization with more than 50,000 members in the United States.
The survey exposes ongoing operational strain for many hospitals due to the cumbersome processes they have in place to pay their medical teams. The survey also suggests that most provider organizations have a lack of confidence in their overall methods around the process used in physician compensation, which can ultimately lead to contracting issues as well as physician satisfaction problems.
"Our survey results underscore the notion that paying doctors is not an easy or seamless process for hospitals," says Ludi Founder and CEO Gail Peace. "And now, with the COVID-19 crisis accelerating this operational issue, provider organizations are being forced to take every opportunity they can to reduce costs and identify where they might be leaving money on the table."
The survey found that, overall, paying physicians remains a problematic endeavor for most hospitals:
- More than two-thirds (70 percent) of hospital financial professionals indicated their payment processes are difficult.
- Close to half (45 percent) of hospital financial professionals indicated a lack of confidence in their organizations' processes to pay their doctors accurately.
But the survey also uncovered a profound positive correlation between satisfaction in payment processes and investment in payment automation technology:
- For the nearly two thirds (64 percent) of organizations that have already invested in payment technology, they are more likely to be very confident in the accuracy of their compensation processes versus organizations that have not invested in such technology.
- Despite this correlation, there still appears to be an underinvestment in the right solutions though, as the majority (51 percent) of hospital financial professionals who are satisfied with their solutions still report "challenging" or "poor" payment processes.
- However, more than a third (36 percent) of organizations indicate they are in the market for technology that automates paying physicians.
"The good news is that most hospitals see the value in automating physician compensation processes," said Peace. "The fact of the matter is, paying doctors has never been a clear-cut business area for provider organizations. By implementing automation technology though, hospitals will find it easier to gauge the impact of their physician resource needs, which, in turn, can improve physician satisfaction and long-term financial outcomes."
For more information and a data visualization to support Ludi's survey findings, download the survey report.
About Ludi, Inc.
Ludi, Inc., is a health care technology and physician-advocacy firm that simplifies the way hospitals and health systems track, manage and audit payments to their physicians. Ludi is trusted by more than 225 hospitals and health systems nationwide to automate their physician payment processes, ensuring medical teams are appropriately compensated and hospitals stay in control of their physician contract spend. Visit www.ludiinc.com.
SOURCE Ludi, Inc.
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