Once providers decide they will transition to value-based care, the next question is when should they make their move.
Providers can do more than pick an arbitrary date. There are tools to help organizations make informed decisions on transition timing.
Providers can conduct a financial impact assessment.
Doing so allows groups to model several factors – like payer mix, government regulations and utilization – from a financial perspective. They should consider the competition, patient population needs and the pace of market change.
Once complete, an assessment should determine:
- The effect of converting payer contracts to bonus structures or risk, as well as the appropriate timing
- How and when to implement care management programs to reduce unnecessary utilization
- How and when to finance investments required for population health management infrastructure and resources
Armed with knowledge from a financial impact assessment, providers can balance clinical alignment with financial alignment. When properly sequenced, changes can help providers find value and meet savings targets.
Download this infographic to explore four key steps to take to help you plan your transition from volume to value, including what questions to ask to forecast financial impact.
Read more about this topic in the white paper: Mapping the journey to value-based care. You’ll learn why it’s important for an organization’s clinical and financial transformation to occur sequentially.
About the Author:
Leslie Cozatt currently serves as Director of Marketing, Optum Provider – Thought Leadership and Content Strategy.
She directs the development of content that spotlights the role of data analytics in healthcare – specifically the transition to value-based care, risk management and population health management. She brings to her role more than 20 years of experience developing B2B and B2C integrated marketing campaigns for companies including ThreeWire, Eliance and 3M. Leslie attended the University of Minnesota and graduated from Wellington College with a BS in International Business & Communication.