The start of a new year is an excellent time to reflect on previous data and activities and forecast what will happen in the coming year(s).
We’ve identified five provider compensation management trends that we expect to see in the following years in this piece, and we recommend employers keep an eye on them.
Compensation Management Trends for Providers
Trend #1: Traditional benchmarking will become less reliable in the future.
Traditional benchmarking methods will continue to fall short of the expectations of organizations. As a result, companies will need to improve their internal benchmarking processes in order to improve accuracy and support compensation policies.
Trend #2: Organizations will migrate to team-based models and value-based care payments
Although these changes may occur at varying speeds within organizations, we expect that the shift to team-based models and value-based care payments will continue.
Trend #3: Third, compensation schemes will continue to be various.
While some solutions claim to simplify compensation models, we believe that models will continue to be extremely different in order to account for distinct strategies, innovation, competitiveness, and retention. Trying to impose a “one size fits all” compensation strategy could be harmful to businesses
Trend #4:Exceptions from the Centers for Medicare and Medicaid Services will provide an increasing challenge for businesses.
CMS will continue to make exclusions to payments that organizations will find difficult to translate into compensation.
These exceptions will force enterprises to consider approaches and solutions outside of their own software due to the issues they create.
Trend #5: Compensation management software will be widely used.
To negotiate the increasingly complex compensation market, employers will increasingly rely on technology to assist them. Organizations will adopt provider compensation technology and profit from a fully automated provider compensation management process. Organizations that use software solutions will save countless hours of manual labor, minimize errors, improve data accuracy and visibility, and enable compliance reimbursements on time. As a result, higher-quality care will be provided.
Become a Compensation Management Trendsetter for Providers
Feepulse helps your company transition to a value-based future by bridging the gap between strategic goals, payment methodology, and care pathways, as well as driving alignment throughout the business – from payers to providers – to improve quality and cost outcomes. Start today with an Introductory Call.