Value-Based Care Is Here To Stay
The push for healthcare organizations to adopt value-based payment models, programs that incentivize providers to focus on value over volume, was heavily emphasized after the Affordable Care Act (ACA) passed in 2010.
Since then, several value-based care (VBC) models have been proposed, yet value-based care payment adoption has remained slow, with many healthcare providers hesitant to move away from a fee-for-service model.
Studies have indicated that healthcare providers are rethinking operations and are considering shifting to a value-based care model due to the coronavirus pandemic.
COVID-19’s Effect On The Push For Value-Based Care Systems
While full effects of the coronavirus pandemic are yet to be determined, reports on short-term results have been publicized, exposing the financial pressures health care systems are facing in the interim.
The American Hospital Association (AHA) conducted a short four-month financial analysis – spanning March through June of 2020, to better understand how COVID-19 has financially impacted American health systems.
The analysis focused on four specific areas:
- The effect of COVID-19 hospitalizations on hospital costs
- The impact of canceled and forgone services, caused by COVID-19, on hospital revenue
- The additional costs associated with purchasing needed personal protective equipment (PPE)
- The costs of the additional support some hospitals are providing to their workers
The report revealed that American hospitals and health systems faced $202.6 billion in losses during just the climax of the coronavirus pandemic.
Even with the entire healthcare population facing financial loss, providers with capitated payment models in-place experienced some relief, as their reimbursements were not tied to office visits. Meanwhile, those with fee-for-service arrangements saw a drop in revenue with fewer patients coming into physician offices.
As we continue to monitor the effects of the world’s current health crisis, right now, value-based conversations are temporarily halted. However, it’s definitely highlighted the importance of value-based contracts in the future.
Transitioning To A Value-Based Payment Model
Even as healthcare organizations agree with the benefit of switching to value-based care, many practices are hesitant for several reasons:
- It can be difficult to get the right systems and resources in place to support the transition
- Reorganizing the way business is done can create unforeseen financial ramifications
- It may be hard to find time to care for your patients as well as yourself
These reasons are completely valid and, most likely, the motivating forces slowing down decision making.
But you shouldn’t write off switching to a value-based care system just yet.
As we know, value-based care pay is based solely on patient experience. The more patient-centric your organization’s systems are, the more your organization is rewarded financially.
Expanding Access To Care From Anywhere
With the current flu season paired with the COVID-19 pandemic, now more than ever, patients are enjoying accessing the care they need, when they need it, from the comfort of their homes.
With telemedicine practices on the rise, healthcare organizations are realizing the importance of outsourcing medical call center solutions.
The ultimate goal: to expand patients’ access to care while maintaining the quality of care.
Improving Value-Based Care With Outsourced Medical Call Centers
The elements that define and depict value-based care are closely associated with the benefits of outsourcing to a medical call center:
- Quality of Care – Did the patient have a quality experience that included a pleasant interaction coupled with the appropriate care level?
- Outcome – Did the patient’s condition receive the correct acuity assignment?
- Efficiency of Care – Did the patient receive quality care in an appropriate amount of time? Were prescribed instructions given.
- Cost Containment – Was the healthcare practice able to keep budgets contained and save costs?
Providing a positive experience for both patients and for you, the provider, can drastically improve overall patient satisfaction and outcomes, leading to a higher overall quality of care and related financial impacts.
