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Incentivizing Physicians for Cost Control in Healthcare

This article explores effective strategies for incentivizing physicians to participate in cost control efforts within healthcare organizations. It highlights key considerations such as the scope, structure, duration, amount, and mix of financial and nonfinancial incentives.

Health care organizations have long tried to enlist physicians in their effort to control or reduce costs. One effective means for doing so is to create an incentive system that rewards physicians for their contributions. Many of physicians’ daily decisions — such as their selection of drugs, devices, and technologies, and the amount of time they utilize resources such as operating rooms and hospital beds — have a significant financial impact on hospitals.

By providing physicians with the appropriate incentives, hospitals and health systems can enlist them in the effort to manage costs while simultaneously maintaining or improving patient outcomes. We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here.

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