Any business leader will tell you that keeping up with market shifts is crucial for financial success. That is especially true in health care today. As the market moves from fee-for-service to fee-for-value reimbursement, organizations face huge challenges in transforming their operations, finances, physician relationships, culture and patient engagement — all while the industry moves at what can feel like lightning speed.
Optum has created a white paper, “The speed of transformation: Preparing for the payment models of tomorrow,” which outlines how health care organizations can prepare for the myriad changes coming under this new financial model.
In a few short years, the health care industry has gone from wondering whether fee-for-value was the wave of the future to realizing its inevitability. The passage of the Affordable Care Act (ACA) and unsustainable growth in health costs have heralded the coming of value-based reimbursement. Impacts extend into the commercial markets as payers are already spending billions of dollars on members under risk-based arrangements, and that number will continue to grow.
Also driving change is the demand for more transparency in health care. Consumers are paying more out-of-pocket for care and want to know where their dollars are going. Mobile applications are opening doors to more information and high-deductible health plans (HDHPs) are becoming more the norm, especially for non-senior citizens.
In posts to come, we’ll discuss key preparation areas that health care executives can address to maximize financial success under value-based care, while minimizing risk. Our next post highlights how contracting is impacted in a fee-for-value environment.
You can download the full white paper, “The speed of transformation: Preparing for the payment models of tomorrow, for more information.