As medicine continues to evolve, so does the business of medicine in the form of Healthcare Payment Reform. Today, it is estimated that insurance carriers are now allocating more than 25% of funds towards Value Based Contracts. Employers with Self-Funded plans are moving quickly at the opportunity to contain costs while seeing better outcomes in the health of its employees and families.
During a recent commencement ceremony at Thomas Jefferson University, a class of newly graduating medical students heard their keynote speaker claim “No Outcomes… No Income”. Payment for Healthcare based on the volume of services is phasing out because it has proven to be unstainable. The value to stakeholders has been marred by inefficiencies and substandard quality of care in the US. This has been witnessed and documented by the huge disparities even between a single community and its adjoining communities.
Risk and Reward will steadily increase as Physicians incur greater accountability for results. Quality metric performance, clinical outcomes, patient disease tracking will all become the successor of encounter based care. Physicians will not only be prepared just for the science of medicine, they will also need the skills and tools to improve care, work effectively in teams; collecting, analyzing and displaying data on the outcomes of care; working collaboratively with managers and patients; and adjusting from errors.
Regardless of your position or opinion of Population Health and the Reimbursement Methodologies overlaid upon it… a new Reimbursement Model is growing throughout the industry. It will affect the financial health of your practice with no regard to your career stage. The business decision you must make is…
“Will you allow it to devalue your business or Increase the value of your business”
As one of our comprehensive Practice Strategies, IMS will align you into a powerful Clinically Integrated Network leveraging progressive contracts for shared-savings, data licensing, and care coordination with the industry’s largest carriers.
Let’s discuss your options for Value Based Care Incentive Contracts