Insider: Tim Smith on Physician Compensation Valuations and Data Mythbusting
Download MP3In this episode of MGMA Insider, healthcare consultant Tim Smith discusses how survey data is used by professional appraisers and healthcare consultants to value physician compensation in service arrangements or as part of valuing a practice.
Smith, who is a skeptic by nature, reveals the need to challenge, test and be wary of data unless it's been tested and analyzed. As Smith says, "When it comes to the business of physician practices, a set of talking points is commonly repeated about the physician marketplace and what physicians earn. These claims are often made by reference to survey data reports, but does the data really support popular beliefs about physician compensation and productivity?"
He explains that "it's important to take a deep dive into the data to examine widely held paradigms about physician compensation and productivity" and be willing to be a contrarian and call out information when it isn't back up by the data.
As a reminder, Smith can be heard speaking at MGMA19 | The Data Conference, May 16-18 in Orlando, Florida. As a special offer to you, our podcast listeners can receive $200 off the regular registration price by entering the code PODCAST at mgma.com/datacon
In this episode of MGMA Insider, healthcare consultant Tim Smith discusses how survey data is used by professional appraisers and healthcare consultants to value physician compensation in service arrangements or as part of valuing a practice.
Smith, who is a skeptic by nature, reveals the need to challenge, test and be wary of data unless it's been tested and analyzed. As Smith says, "When it comes to the business of physician practices, a set of talking points is commonly repeated about the physician marketplace and what physicians earn. These claims are often made by reference to survey data reports, but does the data really support popular beliefs about physician compensation and productivity?"
He explains that "it's important to take a deep dive into the data to examine widely held paradigms about physician compensation and productivity" and be willing to be a contrarian and call out information when it isn't back up by the data.
As a reminder, Smith can be heard speaking at MGMA19 | The Data Conference, May 16-18 in Orlando, Florida. As a special offer to you, our podcast listeners can receive $200 off the regular registration price by entering the code PODCAST at mgma.com/datacon
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Are your patients concerned about out-of-pocket costs? Is your practice looking for a way to help address those concerns and improve the patient experience? Then, you may want to consider offering the CareCredit credit card as a payment option. For over thirty-five years, CareCredit, a Synchrony solution, has been offering patients a way to pay for health and wellness expenses not covered by insurance. CareCredit can seamlessly integrate with your business and offer a valuable financing option for your patients so they can pay for services or products over time to help fit their budget. To learn more about how CareCredit works for you and your patients, visit www.carecredit.com/mgmapodcast.
NextGen
Looking to transform your healthcare practice with AI? NextGen Healthcare is leading the way by leveraging artificial intelligence. It is helping practices improve efficiency, streamline workflows, and enhance patient outcomes. From predictive analytics to automating routine tasks, NextGen Healthcare's AI solutions are revolutionizing the delivery of care. Don't miss out on the future of healthcare innovation. Visit https://www.nextgen.com/ today to learn how NextGen Healthcare can help you drive efficiency and elevate patient care.
