The new year serves as an opportune time to reflect on historical data and activity, and predict the changes that will take place in the year(s) to come.
In this post we’ve outlined five predictions for provider compensation management trends that we anticipate seeing in the coming years, and encourage organizations to stay tuned into.
5 Provider Compensation Management Trends
Trend #1: Traditional benchmarking will become less reliable
Traditional benchmarking practices will continue to fall short of organizational needs. As a result, organizations will need to ramp up their internal benchmarking methodologies to increase accuracy and support their compensation strategies.
Trend #2: Organizations will shift to team-based models and value-based care payments
These changes may occur at different rates within organizations, but we believe that more healthcare systems will continue the shift to team-based models and value-based care payments.
Trend #3: Compensation models will remain diverse
While there are solutions touting the ability to simplify compensation models, we firmly believe that models will remain incredibly diverse to account for unique strategies, innovation, competition and retainment. Attempting to apply any type of ‘one size fits all’ comp model could be detrimental to organizations.
Trend #4: Centers for Medicare and Medicaid Services exceptions will present increasing challenges for organizations
CMS will continue to put exceptions on payments that will be difficult for organizations to translate to compensation. The challenges presented by these exceptions will push organizations to evaluate methodologies and solutions outside of their own software.
Trend #5: Compensation management software will become common practice
To continue to navigate the increasingly complex compensation landscape, it will become common practice for organizations to leverage technology to help them navigate complexities. Organizations will embrace the benefits of provider compensation technology and reap the benefits of an automated provider compensation management process. Organizations that implement software solutions will eliminate countless hours of manual processes, reduce errors, increase accuracy and visibility into data, and enable timely compliant payouts. Ultimately providing higher quality care as a result.
Be a Provider Compensation Management Trendsetter
ProCARE moves your organization towards a value-based future as it enables you to bridge the gap between strategic goals, payment methodologies and care pathways and drive alignment across the organization – from payers to providers – to ultimately improve quality and cost outcomes. Get started with an Introductory Call today.
