The healthcare industry continues to evolve as the federal government implements more mandates to drive down the cost of care while boosting efficiency and clinical outcomes. As more provisions of the healthcare reform law are enacted, hospitals are searching for ways to maintain budgets, enhance overall performance and remain compliant with new standards. In order to improve the delivery of care while positioning the facility toward growth, hospital leaders are turning to automated solutions and software to complete certain tasks more efficiently while not deviating time or resources from other aspects of operations.
One such tool is payroll and human resources software that keeps track of compensation and hours worked for all staff to allow managers more time for other projects and oversight. As the healthcare reform law goes into effect, many private practice physicians are looking to be acquired by health systems and hospitals. To remain competitive with other providers and acquire the best talent, hospitals want to offer compensation that suits the skills of the physicians. Payroll solutions help managers keep track of available funds for compensation, as well as allow for easier adjustments to wages when bonuses or incentives are offered.
Competing for physicians
According to Becker's Hospital Review, hospitals nationwide are competing for the top physicians looking to enter into a health system. As the healthcare reform is placing greater emphasis on the use of primary care physicians rather than relying on emergency departments and specialists, more physicians are being scooped up by hospitals offer the best perks. Each top physician acquired by a hospital can bring in new revenue streams and opportunity for growth, so hospitals must ensure a high return on the investment. Payroll solutions help facilities determine how much funding is available to attract top talent, allowing managers to focus on networking within the industry to find available physicians.
When a physician looks to sell a practice or merge with a health system, they are seeking an organization that can offer a continual stream of patients as well as top of the line resources. Hospitals that have automated solutions in place to simplify mundane tasks are a step ahead of competitors in attracting physicians. Clinical job applicants want economic stability during this state of transition when reimbursement rates are on the decline and documentation demands are up. Thus, payroll solutions offer a strong appeal to physicians looking for efficiency in compensation and overall performance.
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