In our singular moment, healthcare systems and facilities are more pressed than ever to manage costs. Overall, wages and benefits are the largest single expense for hospitals, typically accounting for 50% or more of expenses. Physician and clinical costs—a major driver of hospital and healthcare system spend—make up almost half of these hospital salary costs.
To manage this spend, hospitals need to ensure the payments they make to physicians are accurate and timely, using the correct rates for the relevant contract. Hospitals also need an ongoing, clear picture of what happened with that money—which contracts and physicians drove expenses more than others—so they can optimize physician spend over time.