Health care workers continue to navigate various challenges including clinical workforce shortages, burnout, the ongoing impact of the pandemic, and changing compensation models and pay practices. To make matters more complex, many organizations are still utilizing outdated technology systems and HR processes, which can lead to operational bottlenecks and high turnover rates.
In fact, the industry’s looming physician shortage is projected to range between 37,800 and 124,000 by 2034 — a startling statistic, especially when the demand for care is outpacing supply. Additionally, 63% of physicians report feeling at least one symptom of burnout since 2021. The cost of physician turnover due to burnout can amount to as much as $1 million per doctor, and organizations are struggling to keep up. As the health care landscape continues to face these growing uncertainties, the need for more streamlined and efficient workforce processes is increasingly urgent.
While addressing these obstacles may feel daunting, it provides an opportunity for organizations to shift from traditional approaches to embracing impactful change via innovative new technology. Implementing a more comprehensive and automated solution may be the key to re-engaging the clinical workforce—and, in turn, transforming the health care industry from the ground up.
Identifying pain points
Health care continues to evolve at a rapid pace, but many organizations still rely on antiquated systems that lead to deeper misalignment and operational issues.
A few common pain points include:
Complex compensation programs
Provider compensation models have shifted over recent years – impacting the way in which physician and advanced practice provider (APP) compensation is managed, administered and reported. According to SullivanCotter’s 2022 Physician Compensation and Productivity Survey, the prevalence of value-based incentive components—measuring things like patient experience and the quality of care—in primary care compensation plans is 57%. This decreases slightly for hospital-based providers and specialists to 54% and 49% respectively.
However, many organizations still have trouble collecting and tracking these metrics effectively. With administrators relying on tools like spreadsheets to manually input critical compensation and performance information, misplacing data and generating inaccurate results is a common occurrence that can drain a significant amount of time and resources. Additionally, when providers identify errors, it fosters a lack of trust in the data and the organization’s ability to properly report on pay and performance.
Lack of transparency
To help improve performance, physicians and APPs require ongoing access and insight into their progress against individual and organizational goals. But as administrators pull data from multiple disparate systems, compensation administration and reporting become more prone to errors and inaccuracies. In turn, physicians cannot track their performance in a timely manner to make any necessary course corrections.
Calculating compensation under these circumstances becomes increasingly difficult and puts pressure on all parties involved. Trust is an essential element of a streamlined performance and compensation process and, without it, physicians are unable to properly identify areas for improvement and take meaningful action.
Automation as a health care solution
In a world driven by technology, automation helps to increase productivity and optimize general workflow. When integrated into pivotal aspects of the health care operational workflow, it creates the potential to innovate existing compensation strategies and engage an already strained clinical workforce.
Some benefits of automation are:
Improved alignment
When organizations are able to present accurate performance data in a timely manner, it solidifies a set of expectations that clinicians need to meet to improve the quality of patient care. Providers can pinpoint where they need to improve and actively progress toward desired organizational results.
Greater alignment also leads to a deeper sense of trust. While clinicians can rely on administrators to provide ongoing access to important qualitative metrics, other key stakeholders also gain better insight into whether they’re reaching their expected goals—and if they need additional mentorship or guidance.
Greater visibility
Manually collecting data from multiple sources is an unreliable way to measure performance as it leaves room for administrative mistakes. Establishing a single source of truth and reporting reliable data from a centralized location is critical. Creating easy access for clinicians, administrators and leaders to see current information on performance and pay ensures all stakeholders stay informed.
Impactful change
Change is ongoing and can easily become overwhelming. For organizations to keep pace with an evolving health care industry and workforce, they must embrace new technology to transform how they track, analyze, and report compensation and performance data. Leaders must also be able to clearly communicate their goals, display up-to-date benchmark performance, and provide ample growth opportunities. If they utilize new solutions strategically, they can slowly but surely develop a stronger foundation for a thriving clinical workforce.
Transform your clinical workforce with Clinician Nexus
Effectively managing provider performance and compensation in today’s environment may now seem more difficult than ever. With innovative and automated solutions from Clinician Nexus, it doesn’t have to be.
Clinician Nexus offers a suite of products to educate, recruit, and retain a strong clinical workforce. Provider Performance Management Technology™ (PPMT™) is our multifaceted, cloud-based solution that helps organizations to transform the way in which physician and APP performance is measured and rewarded through robust analytical and reporting capabilities. By automating and streamlining the compensation management process, organizations can improve engagement and provide clinicians with the data and insight they need to drive greater quality of care.
Ready to get started? Contact Clinician Nexus to schedule a demo today.