Forum Webinar: Developing Meaningful and Actionable Physician Financial Reports
During this Nov. 3, 2016, HFMA Forum webinar, a director of finance shared how his health system developed and implemented a comprehensive framework for meaningful and actionable financial reports to physicians, practice managers, practice service line directors, and health system executives. Key takeaways from the discussion include the following.
Physician benchmark report. This key report shows the history of physicians’ worked RVU production, where physician stand in terms of bonuses or settlements, communicates their conversion factor tiers, and helps physicians understand how many RVUs they need to move to the next tier, said Don Keller, regional director of finance, Franciscan Physician Network, Central Indiana Region.
Performance reports. Showing data on regular performance reports avoids surprises during compensation discussions, said Keller. For example, at Franciscan, over a two-year employment guarantee, physicians receive compensation forecasts when they start the job, and then at one-year, 90-day, and 30-day timeframes.
Patient growth. New patient visits by service line are critical to monitoring health system viability, said Keller. Franciscan provides this information in a variety of ways, including year- over-year data and analysis of active patients, defined as patients seen within the last two years.