Digitization and automation are two of the most popular concepts in healthcare at the moment, enabling organizations to remain agile and meet the needs of their providers, patients, and stakeholders. Businesses and organizations are looking for new ways to innovate and dominate their markets, which is where effective digitization of compensation can assist. In this blog, we examine what physician compensation software is, the benefits that you can gain from digitizing the process for your organization, and what FeePulse can offer you when it comes to competitive physician compensation software.
What is physician compensation software?
Physician compensation software is a solution-based platform or application that is designed to help organizations automate and enhance their physician payment processes as much as possible. Often, you’ll find these software solutions used throughout the healthcare industry, whether it is in a smaller, partner-owned practice or a large-scale hospital or healthcare organization.
Is digitizing your physician compensation process worth it?
Many healthcare organizations are in flux from older, more outdated, or manual methods to full-scale digitization and centralization of their processes. This is a transition and investment that will pay off, and has proven to be effective for hundreds of organizations around the world. Below, we’ve listed just a few of the benefits that you can expect from taking the time to digitize your compensation system:
Easily increase stakeholder satisfaction
Physician compensation doesn’t occur in a vacuum. By investing in digitization and overall smoother functionality when it comes to physician compensation, you can enjoy increased satisfaction from all relevant stakeholders. This can include higher engagement and positivity at work from providers, who feel that their compensation is a priority in the healthcare organization. This, in turn, empowers them to provide higher levels of care for patients in need, increasing their satisfaction. It can also assist front office and accounting staff in significantly reducing their workload and streamlining their processes.
Create workflows in seconds that serve the needs of the organization
Historically, tools are only as strong as the team using the system. If the tool is too complex to navigate or otherwise unable to be implemented throughout the entire organization, it may not be as effective as it could be. Digitizing your systems allows for workflow creation in seconds via a user-friendly interface that allows for the maximum amount of engagement and use from each team member. By creating written workflows that can help guide system functionality and use, you are able to make training more easily accessible to reference and follow, as well as improve the overall function of your healthcare organization.
Enjoy a higher level of transparency and recall
With the implementation of digitization, your organization may benefit from increased transparency when it comes to physician compensation and payroll, as well as the enhanced ability for data recall. Where this would have been cumbersome and extremely inefficient using older systems or paper records, cloud-based software can pull the data points that you need in seconds, giving you the ability to easily maintain transparency and compliance.
FeePulse is your premier solution for provider compensation
If you’re looking to implement radical change in your healthcare organization, look no further than Fee Pulse for your compensation digitization and automation needs. The platform was created with the needs of physicians and healthcare professionals in mind, and designed with a user-friendly interface that is easily accessible to any member of your healthcare organization. Below is just a few of the ways that FeePulse can assist you with relevant physician compensation tasks and reports:
Empower office staff with organization-specific automation
When you use FeePulse for your software provider for physician compensation, you automate your compensation models in seconds. Whether you’re working with stipends or on-call rated work, you can leverage FeePulse’s user-friendly interface and streamlined workflow creation process to save you thousands in lost time and additional fees as you would encounter with other services. Other methods of payment that are able to be automated by the service include:
- Per Procedure Payment
- Number of Hours On-Call
- Weekend On-Call Compensation Amounts
Use performance-based compensation models
As more professionals and organizations in the medical move toward performance-based compensation models, digitization can provide additional data and insights that can help to inform your incentivization strategy. With FeePulse, you can seamlessly navigate this type of payment model and rely on true-time updated measurements of productivity and success rate by the provider. The system is easily edited and meant to flex with the needs of your business and team, allowing you to quickly adjust and calculate your bonuses and flat-rate compensation for physicians.
Unlock integrations to streamline your workflow
FeePulse is enabled to integrate with a variety of other complementary physician systems and software, enabling your staff to offer customers and team members alike a more enhanced and nuanced experience. As it relates to data integration and contract management, FeePulse implements a dynamic FHIR based data model that can help you to cleanly store a variety of elements, including:
- Data sets for easy benchmarking and reference
- CPT charge code master data for reference
- wRVU modifier data for calculation and reference
- Manual data element tracking of data, such as CME’s
No matter what you are looking to integrate or store, FeePulse has the most comprehensive and end-to-end management solution for provider compensation and management.
Flexible, accessible, and affordable…that’s the power of FeePulse
FeePulse was created to help providers and practices manage their physician compensation processes more effectively and at a lower price point than other software providers would offer. We believe that providers are in need of a centralized point of truth to navigate all compensation-related tasks, that would further enable and empower them to thrive and remain in compliance with regulatory guidelines as it pertains to compensation. By choosing FeePulse, you’re leveraging years of industry experience and strategies that have helped hundreds of providers and healthcare organizations to thrive in their area of specialty. For more information, contact us today at 848-200-0448.