| RVU Pay Can Improve Physician Documentation |
One of the benefits of paying physicians using incentives is the ability to improve documentation. If some aspect of the physician’s pay is dependent on the chart being processed, there is motivation to complete charts accurately and efficiently.
However, it is inevitable that some charts will come in late due to a variety of reasons, and late charts may affect pay outcomes. The complexity of paying late charts keeps many provider groups from implementing much-needed incentive compensation plans using a chart-based payment method.
That is why it is important to have an incentive payment system that handles late charts automatically. Each pay period, when a physician's statement is calculated, the system needs to look back, pick up any late charts, recalculate the pay period and pay the physician the additional income. There are two tremendous benefits with this feature. First, it saves the payroll staff countless hours of tedious calculations, and second it gives physicians confidence that they are being paid correctly.
For example, if a physician is paid the greater of a guaranteed hourly rate or a percent of RVUs, when the pay is calculated for a given pay period, the physician may be paid hourly because it resulted in more income than the percent of RVUs at the time. Months later, as late charts come through, the pay from RVUs could surpass the amount previously paid. The provider would then receive a detailed statement showing the additional income.
The process described above is how COREmatica works. COREmatica is a powerful, proven incentive based pay system that automates the design, administration and analysis of incentive based compensation programs for medical professionals. It allows you to successfully align the goals of the practice with those of the physicians and midlevel providers.
COREmatica was designed by Sheila Conant. For more information, visit http://www.corematica.com or call 734-418-2310.
Article Source: UnArchived Articles
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