A survey conducted by Health Catalyst discovered that only 3 percent of hospitals meet the target, set by the Centers for Medicare and Medicaid Services (CMS), for value-based care. Additionally, a mere 23 percent anticipate reaching the target by 2019, one year later and a lower percentage than expected by CMS. Originally, CMS expected half of all Medicare reimbursements to be converted from fee-for-service to value-based.
This survey comes on the heels of the announcement released by the CMS that the Medicare Shared Savings Program crafted new rules to increase the incentive to provide better quality care for patients by joining Accountable Care Organizations (ACOs). ACOs reward physicians for working together to produce competent, quality healthcare. Healthcare providers see the new program as positive and a step in the right direction but one they are struggling to implement and could use a little help in applying.
“This survey reveals that they’re making progress but they could use a little help—some of it financial and some of it technical in the way of better analytics to help identify at-risk populations and better manage their own risk, “ said Bobbi Brown, Health Catalyst vice president.
Healthcare IT News reports the survey revealed that 62 percent of healthcare providers have “less than 10 percent of their care tied to value-based care and payments, and those numbers include accountable care organizations.” Brown points out that it can be difficult since healthcare organizations already “juggle a number of other high priorities.”
Analytics and outsourcing
Fifty-two percent of those surveyed pointed out analytics would be crucial if the new value-based program is expected to succeed. With the right end-to-end system that employs progressive technological tools, healthcare facilities can improve and move forward with the new program. Automated tools offer the user better options for data tracking, storage, and reporting.
Patient Pay provides clients a faster billing and payment option that is the result of a paperless billing process, which is a convenience for physicians and their patients. However, these cannot be solely relied on for managing the revenue cycle.
Moreover, the revenue cycle process does not begin after the patient has been seen. In contrast, it begins with the intake process all the way through until the claims process produces a payment. It is an extensive process that must be completed timely and accurately. Outsourcing your medical billing is a solid approach to ensure your revenue cycle management process is fully compliant and profitable.
At Rev-Ignition, we understand the challenges healthcare organizations face today, whether you are trying to create better workflows, maximize revenues, or resubmit a rejected claim. You can reach our team of professionals by calling (844) 297-9944 today.