10 Common Physician RCM Mistakes
10 Common Physician RCM Mistakes
If you’re familiar with the beloved sitcom “Seinfeld,” then you have probably seen “The Opposite,” an episode where George Costanza takes it upon himself to do the complete opposite of what he believes is right. The episode serves as the inspiration for Craig Pedersons’ presentation, “Physician Compensation: 10 Common Mistakes (and Four Solutions),” at the Medical Group Management Association (MGMA) Annual Conference in Anaheim, Calif.
“I am going to go through case studies and specific examples of financial train wrecks. I’m not trying to tell people what to do, I’m telling them what to avoid. Case studies allow examples to become a lot more real,” says Pederson, a principle consultant at Insight Health Partners based in Minneapolis, Minn.
Physicians Practice recently spoke with Pederson about the importance of good compensation practices in today’s healthcare landscape.
Physicians Practice: Why is physician compensation such a hot topic in healthcare today?
Craig Pederson: Today, more physicians are employed by health systems. Almost 100 percent of which are losing significant money. If you look at a profit and loss statement on a physician enterprise, it’s the first number that jumps out to you. If you do [the P&L statement] wrong, nothing else matters. When the hospital side of the business starts performing poorly, the losses on the physician side cannot be hidden anymore. It used to be that someone would come in and work just on the physician enterprise side of the business. Now what we’re seeing in a lot of health systems is that is no longer the case. If you do physician compensation poorly, you lose key physicians and down-stream revenue to the health system.
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