Do You Know the Fair Market Value of Quality?

Published by Healthcare Financial Management Association

Hospitals must rely upon physicians to help them successfully compete in today’s quality-focused healthcare market. The trick is in understanding the legal constraints involved in paying physicians for improving quality.

At one time, the critical factor of a hospital’s success was its financial performance. Today, however, the critical success factors for hospitals are beginning to shift to the quality of their clinical performance benchmarked to national standards.

The growing emphasis on quality and transparency also is increasing the need for physician alignment. Because physicians control the delivery, management, and utilization of services, their engagement is critical for hospitals and health systems to achieve high-quality outcomes. Many hospitals, therefore, are involving physicians in various types of service arrangements, which often include management and leadership positions.

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