Addressing Changes in Benchmarks
Market data is an efficient way to build a physician contracting compliance program, and is used by hundreds of hospitals across the country. Among the perks of using market data are consistency, accessibility, and flexibility. As long as the database used to calculate payment benchmarks is both large and diverse, benchmarks typically remain stable from year to year. However, even in large databases, there are factors that could change benchmarks from year to year, such as significant increases in the sample size or changes in the market.
By understanding why benchmarks could change from year to year, you can prepare for these changes and address them effectively when they occur. If you are using market surveys or MD Ranger to set physician contract rates and want to learn best practices, watch this 30-minute video covering:
- Why benchmarks shift
- Addressing changes
- Case studies and real-life examples
To read more information about our benchmark reports click here.