Since the Patient Protection and Affordable Care Act was signed in 2010 there has continued to be some uncertainty about how healthcare reform will evolve. However, most large health care organizations agree that value-based care is here to stay. They invested in robust technologies and began implementing population health management strategies. The market’s smaller players moved slower due to myriad factors, but are realizing that it may be time to speed up and not get left behind.
An article in HealthLeaders details how health care executives must prioritize investments to manage value-based risk and, more importantly, improve patient care. It is imperative that provider organization leaders take a deliberate approach to developing and acting upon their VBC strategy, including:
- Shift from the fee-for-service mindset—Some providers are simply reticent to abandon successful volume-based models. Lack of payer pressure also impacts motivation. But provider compensation tied to value is a reality, so health care organizations should address external pressures.
- Assess organization readiness—What internal resources, core competencies and technologies are in place now? Can those systems successfully help manage total cost of care and quality?
- Understand the market—Providers must know their competition. Expanding provider networks requires a solid growth strategy to determine whether building new practices, acquiring existing groups or partnering are the right moves.
Check out the HealthLeaders article to learn more about how abandoning incremental changes and embracing fast-paced strategies can make for a successful transition to value-based care.
About the Author:
Amanda Skinner, Vice President and General Manager, Managed Value and Risk Analytics