Automated Physician Employment FMV Opinions
HealthCare Appraisers has developed an innovative suite of automated fair market value ("FMV") solutions that allow our clients to reduce costs and turnaround time significantly. The Physician Employment Calculator™ fuses the knowledge of the nation's leading FMV experts with innovative technology to allow hospitals and health systems to obtain customized FMV opinions on physician employment arrangements in a matter of minutes.
While other firms' automated tools consist primarily of benchmarking information, the Physician Employment Calculator™ considers the unique aspects of each individual arrangement, including service market characteristics, physician qualifications, and the implications of "stacking" compensation for additional services such as on-call coverage and medical directorships. Best of all, the Physician Employment Calculator™ allows users to receive a FMV opinion, fully backed by the experts at HealthCare Appraisers, from the comfort of their own computer and on their own time.
The Physician Employment Calculator™ is a highly sophisticated, interactive, web-based application that mirrors the analysis methodologies that HealthCare Appraisers utilizes in its traditional FMV reports. Using an intelligent data-gathering interface and a series of drop down menus, the calculator captures relevant information related to the subject physician’s specialty, skills, qualifications, historical and/or projected productivity (both work relative value units (wRVUs) and professional collections (PCs)), the specific compensation model, details of the physician’s services, and characteristics of the marketplace.
The Physician Employment Calculator™ establishes FMV compensation based on the unique attributes of each employment arrangement, considering:
- Full or part-time arrangements;
- Compensation structure (e.g., guaranteed salaries, production-based compensation, and hybrid models);
- W-2 employment and independent contractor arrangements; • Additional compensation components, such as sign- on bonuses, student loan repayments, and quality bonuses;
- On-call coverage requirements;
- Administrative and/or management services;
- Local market information (e.g., rural or HPSA status and past history of recruiting efforts); and
- The physician’s training, qualification and experience.
The Physician Employment Calculator™ incorporates data for nearly 100 physician specialties and supports a variety of widely used clinical compensation structures. The calculator also incorporates analysis of other sources of physician income, including excess call coverage, administrative/medical director duties and midlevel supervision.