It’s time to face a hard fact: value-based care (VBC) is here to stay. If you aren’t already taking the transition away from fee-for-service (FFS) models seriously, you’re positioning your organization to lose critical value-based dollars today and in the future. Every day that you hesitate to make value-based changes is another day of lost potential revenue. Making VBC practices less novel and more normal is critical to ensuring your organization’s viability; thankfully, by applying effective transformational plans and preparing for a value-based transition, you can begin to succeed now, wherever you are on your journey to value-based success.
The Shift In Payer Practices
VBC—widely hailed as the best chance at saving an industry in crisis—isn’t a trend that we will have forgotten about in five years. This shift will forever change how providers approach and bill for patient care. If you don’t believe VBC change is real, look no further than the charge the Centers for Medicare & Medicaid Services (CMS) are leading; in 2018, 50 percent of all Medicare funding will be reserved for alternative payment models.
Private payers are quickly following suit. These health insurers are changing how they allocate FFS payments, and adopting VBC models at a rapid rate. With a goal of reining out-of-control costs, the new payment models are converting a delivery system based on services rendered to one driven by health results.
Redefining Quality Care
Beyond cost control, VBC is about better health and better patient experiences. VBC initiatives aim to redefine what the face of quality care looks like, by reducing cost and enhancing patient outcomes, while improving the overall health of the patient population.
Making the change from FFS to VBC requires a dedicated focus, comprehensive understanding of value-driven models and associated revenue impacts, as well as the ability to balance existing FFS agreements with new VBC contracts. Providers must shift their mindset—and their organizational workflow—away from episodic care to a more longitudinal style of treatment, making effective use of EMR along the way. Preparing now minimizes business disruption and helps protect financial health.
New Resources for an Easier Transition
Recognizing the need for guidance in the healthcare marketplace, we’ll be sharing insights and information about how to achieve value-based success. Over the coming weeks, we’ll address several topics to drive real benefits for your organization:
- Navigating the transition
- Taking a consumable approach to population health management
- Episodic vs. longitudinal care
- The cost of inaction
We’ll discuss these topics across a series of upcoming webinars, luncheons, white papers, and blog posts. The information and tools delivered across these topics provide valuable knowledge that allows organizations at all stages of VBC implementation the resources they need to take the first steps into VBC, or refine the next stage of their journey.
Where Are You on Your Journey?
Whether you bear or share responsibility for a healthcare organization’s success and sustainability, getting immersed in the new world of value-based care should be a priority. Healthcare organizations late to the game risk operational chaos and financial instability. As VBC overtakes FFS, those who chose to treat it as a novelty will find themselves faced with the stark reality that it’s not just here to stay, but it’s the new normal. Are you ready?