The transition to value-based care (VBC) can be tricky. Success depends on organizational stakeholders’ ability to collaborate to reach the goals set for them. Despite the Department of Health & Human Services’ (HHS) aim to convert 30 percent of fee-for-service (FFS) Medicare payments to value-based payment models by the end of 2016 only one third of physicians believe the healthcare system should transition to value-based care.
There’s clearly still a sense of skepticism when it comes to making this transition. The opportunities that VBC models bring, however, offer benefits that are worth exploiting. Let’s look at some ways providers can work to maximize value based care:
1. Find revenue leaks: According to Marc Lion, CEO of Lion & Company CPAs, the average practice has a 10-15 percent profit leak. While these leaks can be the result of several factors, a major one is debt management. Reducing bad debt by just two percent can deliver tens of thousands of dollars to the bottom line of practices.
Payment methods can also make a difference. Almost 85 percent of providers preferred to receive payer payments through electronic funds transfer or electronic remittance advice, even though 89 percent had received paper checks and explanation of payments from one or more of their payers. With increasing patient responsibility, healthcare organizations must work to optimally manage revenue cycles with a view to gaining more input from consumers. Additionally, they can reduce bad debt management by:
You are about to visit a Philips global content page
You are about to visit the Philips USA website.
You are about to visit a Philips global content page
You are about to visit the Philips USA website.
You are about to visit a Philips global content page
You are about to visit the Philips USA website.