IKS Health conducted its second quarterly Advisory Board meeting with industry leaders
Group shares insight on structuring an ideal physician compensation model
26 AUGUST 2014, BALTIMORE, MD
SummaryIKS Health hosted their second Advisory Board meeting in May 2014. IKS Health has created this Advisory Board to discuss and develop solutions that would help physicians grow their practices, improve patient outcomes without the hurdles of implementing new technology. The members come for a variety of backgrounds such Dr. Don Fisher, President & CEO of American Medical Group Association to Dr. David Torchiana, Chairman & CEO of Massachusetts General Physicians Association. They bring vast healthcare and leadership experience, and are drivers of innovation in healthcare. Attendees discussed a variety of topics that ranged from physician compensation models to EHR dissatisfaction to the inevitable shift to value based reimbursements.
IKS Health conducted their second quarterly Advisory Board in Baltimore, MD with healthcare influencers from across the healthcare spectrum. This quarter's agenda included a debate on key trends in physician compensation, recent trends from a payer perspective and a case study of Cornerstone's CHESS program.
The CHESS program is Cornerstone's answer to the changing healthcare business from capacity constrained to value driven. Dr. Grace Terrell, President & CEO of Cornerstone Health Care spoke of how "investing in information" will be invaluable for healthcare as the industry is pressurized into driving costs down.
Historically, providers have independently run their practices but we have been seeing frequent M&A activity where physician groups are buying each other or hospitals are buying practices. And as these changes occur, physicians are moving from being entrepreneurs to employees. However, the most disruptive change is that many participants, including Dr. Alan Muney (CMIO for Cigna) shared insights that they expect that "by 2020, 65% of all provider payments will be value based".
How should we align incentives, technology and outcomes for someone who has usually had complete control over their craft to being just another employee? What should a physician compensation model look like as the industry shifts from Fee for Service payments to Value Based Reimbursement?
IKS Health in collaboration with its Advisory Board members will publish a paper on physician compensation models in the near future.
It will address:
- How to design a compensation model
- What is an ideal compensation model
- How to win organization buy in for change
- C. Edward Brown, Chief Executive Officer, The IOWA Clinic
- Dr. Donald W. Fisher, President and Chief Executive Officer, American Medical Group Association
- David G. Fitzgerald, Chief Executive Officer, Proliance Surgeons, Inc.
- Dr. Scott D. Hayworth, President and Chief Executive Officer, Mount Kisco Medical Group
- Carl King, Head of National Networks and Contracting Services, Aetna
- Dr. Alan Muney, Chief Medical Officer & Senior Vice President, Total Health and Network, Cigna Corporation
- Christopher J. Sclafani, Chief Administrative Officer, Mount Kisco Medical Group
- Dr. Larry D. Tatum, Chief Executive Officer, Texas Health Care
- Dr. Grace E. Terrell, President & Chief Executive Officer, Cornerstone Health Care
- Dr. David Torchiana, Chairman and Chief Executive Officer, Massachusetts General Physicians Organization
"By 2020, we expect 65% of all provider payments to be value based." Dr. Grace Terrell, President & CEO of Cornerstone Health Care
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About IKS Health
Founded in 2007, IKS Health is the only integrated solution that enables enterprise healthcare organizations to achieve superior financial and clinical outcomes while empowering them to grow successfully, operate efficiently, and navigate industry shifts. IKS Margin, IKS Practice and IKS Care solutions leverage the provider organizations existing technology to deliver industry leading results across the practice continuum. IKS Health maximizes revenue and expands margins, eases provider burden while reducing costs and supporting organizations to scale profitably. For more information please visit http://www.ikshealth.com.
Our goal is to empower better provider and patient engagement, alignment and outcome, while reducing cost.