Financial recovery and resiliency are of the utmost importance for healthcare organization. The age-old saying, “time is money,” is especially accurate when referring to physicians’ time. In this blog, guest blogger Dr. Jared Pelo, will discuss the value of physicians’ time—and provide tips on how their time can best be utilized to achieve desired financial outcomes.
This blog was contributed by Dr. Jared Pelo, co-founder at Bionic Health.
In today’s climate, financial recovery is of the utmost importance. The age-old saying, “time is money,” is especially accurate when referring to physicians’ time. In this blog, we’ll discuss the value of physicians’ time—and how their time can best be utilized to achieve desired financial outcomes.
Provider burnout has become a $4.6 billion dollar a year problem, resulting in patient and provider churn and a growing physician shortage due to those leaving the profession, spurring physician hiring competition. And burnout is increasing.
How much money is a physician’s time worth? According to Medscape, the mean salary of a doctor in the United States is $294k per year. It varies by specialty and geography; for example, neurosurgeons earn $663k per year on average, while a pediatric infectious disease doctor earns $192k per year on average. To achieve financial goals, healthcare organizations must optimize physicians’ time to boost efficiency and productivity, increase throughput, and improve the patient-provider experience. But how can these aims be achieved?
Top five ways to improve financial outcomes:
- Save time documenting care and boost revenue
Reduce time documenting care and put that time saving into seeing more patients, which can result in significant incremental revenue from additional services.
- Reduce provider churn by decreasing burnout
Decrease documentation time and give the time savings back to physicians or give some of the time savings back to physicians and use some to see additional patients.
- Reduce patient churn with a better patient-provider experience
Enable physicians to fully focus on their patients and not their documentation and deliver a better patient experience.
- Get a competitive edge and attract top talent
Decrease burnout and enable physicians to practice at the top of their license to attract and retain top talent.
- Transform healthcare with Conversational AI
Use Nuance’s AI-powered ambient clinical intelligence solution, the Dragon Ambient eXperience™ (DAX™) to increase efficiencies that enable physicians to focus on patients, deliver quality care, and improve financial outcomes from time savings.
Nuance DAX is widely used throughout the U.S. for telehealth and in-office visits across all ambulatory specialties, including primary care and urgent care. It’s delivering tangible results that are positively impacting healthcare organizations, providers, and patients.
“DAX saves me significant time every day. It decreased my daily documentation time by 75%.”
– Chris Deibert, Urologist, Nebraska Medicine
The cloud-based, HITRUST CSF-certified solution can be used anywhere. It works with any telehealth platform and is integrated with Microsoft Teams for a seamless workflow.
The clinical documentation produced by DAX is tailored to each specialty and adheres to established documentation standards, reducing the burden of compliance expertise, and enabling appropriate coding.
“The clinical documentation burden has long been a pain point for our clinicians, making it difficult to bill and code accurately, which is an important piece of revenue integrity. Nuance DAX allows us to fill the gaps in the patient narrative and improve clinical documentation by providing more complete and accurate notes. More importantly, it allows our doctors to be doctors and gives them the mental space to focus on what matters—delivering empathy and expert care for which they trained.”
– Dr. Jordan Dale, Acting Chief Medical Informatics Officer, Rush University Medical Center
“The Nuance DAX solution will truly transform how our physicians engage with patients. It addresses the industry-wide problem of physician burnout from administrative overload while increasing both physician and patient satisfaction. DAX is a true differentiator, and one that we are certain will draw top talent to our organization.”
– Dr. Snehal Gandhi, CMIO, Cooper University Health Care