Market Data Should Include the Most Helpful Benchmarks
Market data can be a fast, reliable, and cost effective way for hospitals and health systems to benchmark their contract rates.
If the most important statistics go unreported, market data can be misleading and difficult to apply. When you know what types of organizations are included within a particular data set, you can find facilities that pay physicians for comparable services. When looking at surveys, make sure the hospital characteristics that are reported influence payment rates. MD Ranger has found that the most significant factors influencing rates are trauma status, in-house coverage, and facility size. Urban and rural status can also make a difference. Additionally, reporting down to the most specific physician specialty is very important. Within surgical specialties, there is a huge variation in call pay, and some variation in medical director/administrative pay.