Packard Children's Hospital Chooses MD Ranger Compensation Benchmarks for Physician Contracting
Subscriber Database Provides Insights into Fair Market Value for Physician Contracts
February 14, 2011
Contact: MD Ranger
Phone: (650) 692-8873
BURLINGAME, Calif.--MD Ranger, Inc., a leading provider of compensation benchmarks for physician service contracts, today announced that Lucile Packard Children's Hospital at Stanford in Palo Alto, CA, has selected MD Ranger's proprietary compensation database to help provide decision support and strengthen compliance for budgeting and contracting with outside organizations for physician services.
Like many hospitals, we need to successfully manage the unique complexities of negotiating physician contracts for on-call coverage, medical direction and related services
"Like many hospitals, we need to successfully manage the unique complexities of negotiating physician contracts for on-call coverage, medical direction and related services," stated James McCaughey, chief strategy officer at Packard Children's. "We look forward to using MD Ranger's benchmarks to help with both internal funds flow budgeting and negotiating contracts with outside hospitals and physicians."
MD Ranger provides comprehensive compensation benchmarks and scope of service data for physician contracts for on-call coverage, medical direction, administrative services, diagnostic testing services and hospital-based physician services to help healthcare providers document and understand market rates for contract negotiation.
Penny Stroud, CEO of MD Ranger said, "We are looking forward to working with Packard Children's Hospital to help them address physician compensation in order to gain a competitive advantage. Right now children's hospitals throughout the U.S. are challenged to meet compliance requirements and control costs. MD Ranger provides a broad scope of benchmarks to help physicians and hospitals understand and document the appropriate payment ranges for administrative and coverage services."
The company's proprietary database is one of the most robust and reliable in the industry, representing subscriber and proprietary data from more than 5,500 contracts and 200 hospitals in 17 states. MD Ranger's benchmarks and reports allow hospitals to eliminate costly outside consulting fees to determine and document fair market value, negotiate competitive payment rates and simplify the internal contract approval process.
About Lucile Packard Children's Hospital at Stanford
Celebrating its 20th anniversary in 2011, Lucile Packard Children's Hospital is annually ranked as one of the nation's best pediatric hospitals by U.S. News & World Report, and is the only San Francisco Bay Area children's hospital with programs ranked in the U.S. News Top Ten. The 311-bed hospital is devoted to the care of children and expectant mothers, and provides pediatric and obstetric medical and surgical services in association with the Stanford University School of Medicine. Packard Children's offers patients locally, regionally and nationally a full range of health-care programs and services, from preventive and routine care to the diagnosis and treatment of serious illness and injury. For more information, visit www.lpch.org.
About MD Ranger
MD Ranger is a leading provider of data-driven physician compensation benchmarks that help hospitals, physicians and health systems determine appropriate compensation rates, negotiate competitive contracts, and comply with federal regulations. The company's proprietary database and benchmarks reduce the complexity and costs of establishing fair market value for on-call arrangements, medical directorships, administrative services, diagnostic testing services, and hospital-based medical groups. For more information, visit www.mdranger.com