Ludi Launches New Financial & Data Management Tool Designed to Help Hospitals Strengthen Physician Compensation Strategies
DocTime Spend® technology tracks and analyzes key 'Physician Spend' data that many hospitals overlook.
NASHVILLE, Tenn., Feb. 19, 2019 /PRNewswire/ -- Ludi, Inc., a health care technology and physician-advocacy firm, announced today the launch of their latest solution called, DocTime Spend®. As part of their DocTime Technology Suite designed for health systems and hospitals, DocTime Spend provides a robust financial and data management system that tracks and evaluates an organization's total "physician spend" – an emerging yet critical financial category in hospital management that refers to the type and amount of physician compensation arrangements within a hospital system.
"Physician spend is a serious blind spot for many hospitals," said Gail Peace, President & CEO of Ludi. "Without understanding this particular data point and how it aligns with an organization's overall financial strategy, it's very difficult for a hospital to improve their bottom-line. DocTime Spend simplifies all that by becoming a single source of truth for a hospital's physician compensation contracts and helping them identify areas of improvement with ongoing data insights."
When paired with Ludi's time-tracking applications DocTime Log® and ShiftTime Log® – which monitor physician activity for non-calendar and calendar-based shift work, respectively – DocTime Spend helps doctors easily log their time through an app on their phone, tablet or PC; get the necessary approvals on the work performed and process all corresponding payments – all online. The system then provides hospitals with regular data analysis that helps them conduct internal and external audits more easily and ensure that they stay within Fair Market Value and other key compliance regulations (e.g., Stark Law, Anti-Kickback Statute, etc.).
Last year, Ludi conducted a survey of U.S. health systems and found that many hospitals constantly struggle to reduce the administrative burden their doctors experience – namely, managing paper time logs. 71 percent of hospitals said getting doctors to submit their time logs when they are due is an on-going obstacle, while 29 percent reported lack of completeness as another key concern. Not addressing these challenges can exponentially increase a hospital's vulnerability to costly Federal and state regulatory enforcements, while also contributing to physician burnout. Ludi's DocTime Technology Suite tackles these problems by helping hospitals transition from what's typically a cumbersome and error-filled paper-based process, to an automated web-based approach that simplifies every aspect of physician time-tracking and payments, from to A to Z.
Ludi will host a complimentary webinar on Tuesday, February 26 (2pm ET), which will examine the role a hospital's physician contract approach plays in their overall financial health. Interested parties can register here.
About Ludi, Inc.
Ludi, Inc. (www.ludiinc.com) is a health care technology and physician-advocacy firm that simplifies the way hospitals and health systems track, manage and audit payments to their physicians. Ludi's team of physician advocates has helped more than 100 hospitals and health systems nationwide save millions of dollars, eliminate manual operational processes and stay within key compliance regulations.
SOURCE Ludi, Inc.
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