2023 Outlook for Provider Compensation Management: Navigating the Challenges & Opportunities Ahead
New report from Hallmark Health Care Solutions delivers industry insights and forecasts from a diverse group of experts in physician relations and compensation.
HAUPPAUGE, N.Y., Jan. 31, 2023 (GLOBE NEWSWIRE) -- In a report released today, Hallmark Health Care Solutions (HHCS) explores what hospitals, health systems, and medical groups need to do this year to address the rising costs of care brought on by inflation and increasingly complex economic, regulatory, and market conditions.
The 2023 Outlook for Provider Compensation Management explains the current challenges and opportunities affecting provider compensation models and administrative processes. Drawing from the advice of several industry leaders, the report outlines a number of steps provider organizations should take to combat the stark imbalance between revenue and expenses – such as reassessing strategies, modernizing care and compensation models, investing in smart automation and predictive analytics, and more.
“There are two major issues affecting healthcare delivery right now," says Dave Butcher, Chief Growth Officer at HHCS. “One is inflation, which is cutting into health system and medical group margins. The other is CMS fee schedule changes which are impacting physician compensation and medical reimbursements. Addressing these and other issues is going to be critical in driving financial success going forward, and organizations that invest in technology to support efforts such as compensation modeling, process automation and workflow optimization will come out on top.”
With inputs from experts within the American Association for Physician Leadership, CommonSpirit Health, TrustWorks Collective, Reinvest Health Consulting, Trinity Health, and the American Association of Provider Compensation Professionals, the 2023 outlook report aims to help provider compensation professionals face complex and challenging market conditions.
Areas of focus within the report include:
How inflation will continue to impact care costs, and why organizations must adopt new models focused on long-term sustainable change
The impact of the 2023 CMS fee schedule changes on provider compensation
Why organizations must better align compensation with revenue and performance targets to incentivize better outcomes in care and cost
How to become more efficient and proactive using purpose-built compensation management technology
Hallmark Health Care Solutions leaders aim to support all U.S. healthcare organizations with industry intelligence and helpful resources by exploring how organizations can revitalize compensation strategies to address growing cost disparities to further improve patient outcomes.
The report is available for immediate download at heisenbergii.com.
About Hallmark Health Care Solutions, Inc.
Hallmark Health Care Solutions, Inc. (HHCS) is a SOC I and SOC 2 Type II-certified healthcare technology firm and Microsoft Solution Partner headquartered in New York. Each of our experienced executive team members brings an average of 20+ years in IT, nursing, process engineering, finance, staffing and healthcare. HHCS was named one of the Top 10 Companies Revolutionizing Healthcare and recognized as a Top 100 Healthcare Technology Company in 2022. Ranked No. 318 in the 2021 Inc. 5000 List of Fastest Growing Private Companies in the U.S., HHCS’s simply intelligent workforce and provider solutions are used by over 100,000 healthcare professionals in more than 4,000 healthcare facilities across all 50 states. In the past decade, we have collectively delivered over $250 million in cost savings and revenue gains to our clients, thanks to our best-in-class technologies.
HHCS workforce solutions include Einstein II, a workforce deployment and vendor management solution and Heisenberg II, a physician compensation and contract management solution. For more information, visit www.einsteinii.com and www.heisenbergii.com.
CONTACT: Susan Woodard Hallmark Health Care Solutions Susan.Woodard@hallmarkhcs.com