Compensation Performance Management
Learn how Performance Suite can help improve the efficiency, accuracy, and efficacy of your compensation performance management programs.
Understanding current performance and its impact on current and projected compensation is critical. Performance Suite provides comprehensive visibility into performance and productivity metrics for individuals and collective groups, while automating compensation calculations to ensure that contractual obligations are met. It provides leadership, physicians, and APPs with ongoing insights into how performance affects compensation. By consolidating information from numerous disparate systems and providing a single source of accurate performance and pay data, Performance Suite reduces administrative time and effort and increases provider trust, engagement, and retention for a comprehensive view of compensation performance management.
Key Features & Benefits
- Tracks, aggregates, and compares performance to organizationally defined targets by location, division, specialty or organization.
- Calculates earned and projected annualized compensation.
- Manages a wide variety of compensation components.
- Integrates compensation earned from all sources to create a single source of truth for physician and APP pay.
- Easily manages and streamlines annual compensation draws and payroll adjustments through a centralized, automated, secure, and auditable source.
- Generates accurate and on-time payments through automated compensation calculations.
- Improves visibility into performance by metric at multiple levels in the organization with individual and aggregated results.
- Provides ongoing insights into how performance affects compensation; an opportunity to change performance with direct impact to compensation.
- Helps measure and improve physician performance through actionable insights.
- Creates a single source for compensation performance management that automatically calculates performance metrics.
- Manages one-off payments effectively.
“We required a more comprehensive compensation performance management system with the ability to flex and scale with us as we add or change value-based incentives, modify compensation plans, and analyze the impact of Evaluation and Management CPT code changes. Performance Suite will now enable us to automatically deliver extensive supporting documentation with drill-down capabilities to the patient level for our clinicians to access any time they want. Providing this visibility and transparency is critical as we navigate an increasingly complex and rapidly changing health care environment.“
Compensation Performance Management Value by Stakeholder
Administration
- Reduces, identifies, and reconciles errors.
- Automates tools and processes.
- Consolidates data from many disparate systems to create a single source of truth.
- Increases efficiency and accuracy.
- Creates transparency and alignment across departments.
Physicians & APPs
- Calculates accurate and trustworthy pay.
- Delivers actionable ways to improve performance, leading to increased provider engagement.
- Provides visibility into peer performance.
- Offers timely access to individual performance and pay data.
Leadership
- Allocates compensation fairly across teams.
- Provides transparent insights into shift and location productivity.
- Reduces risk through automation and consistency.
- Delivers reliable insights into current organizational performance (by location, specialty, group, etc.) vs. defined targets.
Explore More Performance Suite Use Cases
Is Physician Compensation Performance Management Software Right for My Organization?
Determining if physician compensation performance management software is appropriate for your organization requires careful consideration of several factors.
- Assess the size and complexity of your healthcare practice. Larger organizations with multiple specialties may benefit significantly from streamlined compensation processes and enhanced performance tracking.
- Consider your organization’s current challenges regarding compensation transparency and retention issues. If managing these aspects is becoming increasingly cumbersome, investing in specialized software could provide the needed efficiency and insights.
- Evaluate your organization’s budget and readiness for technology integration; a well-planned implementation can improve physician satisfaction and better align with organizational goals.
The right software can ultimately facilitate a fair, transparent, and efficient compensation structure tailored to drive performance and enhance overall organizational effectiveness. Contact us to learn more about our physician compensation performance management solution.