| While most stakeholders agree the shift toward value-based care is imminent, the current political environment and uncertainty surrounding healthcare reform have caused many healthcare organizations to slow or stall their efforts to prepare for risk-based medicine. |
A Deloitte survey found more than 80 percent of physicians still received some compensation under fee-for-service models or salary arrangements as of 2016. In comparison, physician participation in value-based care payment models only increased 5 percent in 2016 from the year prior.
Healthcare finance leaders are still taking a proactive approach to value-based care, despite this slowdown. Strengthening financial practices, especially revenue cycle responsiveness and adaptability, emerged as predominant themes during the discussion. Leaders shared current and future plans to improve financial strength, such as investing in revenue cycle management solutions to ensure their organizations can quickly and efficiently respond to and pivot amid unpredictable value-based environments.
Here are five strategies leaders identified during the discussion to strengthen their organization’s financial operations to better position them for value-based care.
- Centralize billing systems.
- Foster strong payer relationships.
- Understand how you’re paid and how you collect.
- Create a single, integrated budget.
- Use technology to streamline the process.
The survey findings suggest that, to stimulate the adoption of value-based care and support physicians in delivering on the “Triple Aim,”3 —lower cost, better health, and improved patient experiences—a combination of financial incentives and data-driven tools and capabilities may help. Specifically, organizations could seek to:
- Tie physician compensation to performance
- Equip physicians with the right tools to help them meet performance goals
- Invest in technology capabilities to connect and integrate the tools
Adopting a best-of-breed revenue cycle management solution can help healthcare organizations increase revenue capture and drive out cost to smooth the future transition from volume to value. As healthcare organizations enter more value-based contracts, they must be ready to meet any and all requirements for reimbursement, which will differ by payer. Hospitals and health systems can use a revenue cycle management solution to gain the level of flexibility and preparedness needed to manage a diverse pool of payer needs and ultimately maximize revenues.
While most stakeholders agree the shift toward value-based care is imminent, the current political environment and uncertainty surrounding healthcare reform have caused many healthcare organizations to slow or stall their efforts to prepare for risk-based medicine.
