In a recent press release, Ludi, Inc., a health care technology and physician-advocacy firm, announced 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.).