New Enhanced Analytics Solution Simplifies the Complexities of Physician Compensation

Posted on March 5, 2024

PRESS RELEASE Southbury, Conn. (March 5, 2024) – Practical Data Solutions (PDS) is thrilled to announce PDS PhyComp, a newly enhanced analytics solution that automates intricate physician compensation processes, eliminating manual errors and delays. With these powerful analytics, practice leaders can easily communicate productivity, performance, and quality-based compensation plans using calculations specific to their organization’s compensation models.

“Outdated compensation modeling and distribution methodologies can sabotage key practice initiatives,” says Russell Hendrickson, CEO of Practical Data Solutions. “Physicians and management need timely, relevant data to keep them on course.”

With over 20 years in the healthcare analytics domain, PDS understands the intricacies and challenges associated with today’s compensation requirements, as well as future demands. PDS PhyComp simplifies compensation modeling and enables practice leaders to deliver dynamic visualizations and robust reports. This solution improves communication and compliance, and, most importantly, builds physician trust.

Equipped with state-of-the-art analytical tools and techniques, PDS PhyComp models compensation for practice organizations utilizing virtually any practice’s compensation calculations. This includes:

RVU-based compensation augmented with quality metrics and performance benchmarks.
Collection-based compensation calculations supplemented with supporting metrics such as patient satisfaction, direct expenses, or shared overhead.
Value-based care compensation, incorporating quality metrics, HCCs, risk scoring, patient satisfaction, and payer-driven care models.
Other compensation structures, such as those required by specialists, academic practices, hospital contracted or employment models, and others.

PDS’s ability to model and calculate compensation across multiple platforms helps ensure compensation plans align with quality-of-care standards, patient experience goals, and the overall organizational strategy for success.

“Payment reform initiatives drive the need to continuously examine compensation plans,” explains Scott Everitt, VP of Healthcare Solutions. “By simplifying complex data gathering, calculations, and report automation, practice leaders can help physicians better understand current and projected performance and help facilitate swift reconciliation with accounting or payroll.” He adds, “PDS PhyComp offers data integrity and timely distribution, helping organizations analyze equitable pay and other standards.”

PDS PhyComp is available as a cloud-based solution or can be integrated with an organization’s existing enterprise data warehouse. Powered by advanced visualization and analytics technology, it integrates with leading business intelligence platforms such as Microsoft Power BI, Tableau, Qlik, SAP, and more. PDS PhyComp is scalable for practices of all sizes, evolving with the organization’s needs.

PDS is speaking on the topic of physician compensation at the 2024 MGMA Summit, an online learning experience on March 12 – 14, 2024. The session, Aligning Practice and Physician Incentives in New Compensation Plans, will be led by Hendrickson and Everitt on Tuesday, March 12, from 12:55 PM – 1:45 PM EST. Register here to attend.

Join PDS for an in-depth physician compensation webinar on March 27, 2024, at 12:00 PM ET (NYC): Advancing Physician Compensation from Spreadsheets to Strategy. Register Now.

To learn more about how PDS PhyComp can help healthcare organizations automate and simplify the intricacies of compensation requirements using best-practice physician compensation reporting and analytics, visit PDSPhyComp.com.

About Practical Data Solutions

Practical Data Solutions (PDS) is a healthcare analytics company delivering best-in-class visualizations, analytics, data warehousing, and data staging exclusively for healthcare organizations since 1995. PDS empowers clients to proactively leverage their data to improve performance and revenue through highly visual, interactive dashboards focused on financial, operational, quality, and clinical analytics. PDS implements tailored solutions that meet and exceed client-specific needs and achieve measurable ROI. For more information, please visit PDS-Online.com or follow us on LinkedIn and YouTube.


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