Track All Physician Payments, Individually and in Aggregate
Most organizations don’t need an expensive FMV opinion for every physician contract, but you still need FMV documentation. High-quality market data like MD Ranger can empower organizations to internally document FMV based on market data, in turn creating a more efficient, cost-effective system.
Take into account all payments made to each physician, as well as your organization’s overall strategy for physician compensation.
If the physician you are considering compensating is already being paid several medical director stipends, reconsider whether all payments are necessary. Review his or her overall payments to ensure the total amount paid is reasonable. Additionally, MD Ranger recommends that organizations benchmark how much they spend on physician services in total and by specialty. Monitor increases in physician spending, particularly if your organization spends more than your peers, to help identify potential compliance issues. MD Ranger has aggregated data useful for this type of benchmarking. Its Total Facility Payments reports detail how much hospitals pay for physician services, broken down by attributes like service and hospital demographics. Also available through MD Ranger are summary tables on total number of positions reported by each hospital. This is particularly helpful when determining whether or not you have too many medical directors.