Physician Time Studies for Medicare Cost Reports, NIH Research Grants, and GME Funding
As physicians and practitioners, these days spend more time filling out paperwork than direct patient care, the services of Time Study are becoming increasingly important for those completing a Medicare Cost Report and tracking time for NIH Research Grants and Graduate Medical Education (“GME”) funding.
According to a 2011 Harvard Business Review article, “accurately measuring costs and outcomes is the single most powerful lever . . . in transforming the economics of health care.”
Nearly a decade later, healthcare systems nationwide are working with Time Study to enable accurate, automated measurement of administrative work and analysis that maximizes reimbursement revenue from entities like CMS and the NIH. As Physician Part A costs are non-allowable without completed time studies, TimeStudy ensures that the hours of clerical tasks physicians spend doing are reimbursed by CMS.
The Importance of Time Studies.
CMS themselves recommend time studies as incredibly useful to submit Medicare cost reports, alongside many others. Let’s take a look:
Healthcare Financial Management Association: HFMA Indiana and HFMA Arkansas both have released statements recommending that allowable expenses be identified through time studies, emphasizing the importance of “Part A activities” (administrative tasks) being documented for reimbursement.
This Urban report, funded by CMS, addresses the importance behind the accuracy of time estimates in fee schedules, which TimeStudy tracks 100% of the time.
NIH has written about how Time Motion Studies in Healthcare lead to a “comprehensive time motion driven workflow analysis methodology.” This methodology not only improves measurement of administrative tasks, but also lets hospital systems keep track of how their physicians are spending their paid hours to identify causes of inefficiency and uncompensated care.
Time Studies Heavily Impact Physician Satisfaction.
Time studies continue to provide numerous financial benefits for healthcare systems -- but they also provide insights into how working is impacting physician satisfaction. An article from American College of Healthcare Executives (ACHE) called Top 5 Approaches to Physician Satisfaction suggests that the strategic delegation of tasks based on the time physicians are spending doing clerical work will maximize productivity. Physician satisfaction is incredibly important from a revenue standpoint -- physicians tend to be far more efficient and less prone to burnout when satisfied with their workplace. Time Study’s services help save money, manpower, and time.
You can read more about our physician-friendly mobile app and general reimbursement time study automation. You can also schedule a demo.
CASE STUDIES
With $10mm in reimbursement at stake, learn how a large health system increased participation rates and part A time working with Time Study:
WHITEPAPER
Learn about the top trends in reimbursement time studies including organ transplant pre-post tracking.
