There is a new way in healthcare industry which is transforming how practices used to perform. Majority of the medical practices are now using value-based model which helps in reaching ultimate goal of optimized reimbursements.
It offers a comprehensive value-based care solution that includes services, expertise and technology that integrate seamlessly into your practice’s workflow.
Many oncology practitioners have adopted value-care-based model and have succeeded with the transformation. Value-based-care model made a huge positive impact to the oncology practice and some of the significant ones are:
Value-Based-Cared Model Has Emerged As an Opportunity
Value-based care promises to reinforce a whole-person, team-based approach that will significantly improve the quality, accessibility, and affordability of the care we deliver to cancer patients and their loved ones every day.
Meanwhile, applying the most advanced treatments with greater efficiency ultimately benefits everyone in our healthcare system.
Provides a Learning Curve
As oncologists assume holistic responsibility for the quality and cost of patient care, it is important to anticipate the new knowledge and capabilities that must reside in the practice. This enables to deploy and extend patient-oriented services that address challenges that were initially faced in delivering the highest quality care across all patients. In exchange, the value-care-based model provides needed reimbursement, helping keep patients safe while they fight cancer and away from costly hospital visits.
Similar programs are on the horizon for other specialties, and we recommend that practices actively engage them and consider involvement as part of their long-term value-based care success.
Reducing Costs without Affecting Quality
Adhering to clinical pathways has been shown to reduce cancer care costs. The general approach is to look at different drugs or drug regimens and determine if they are equally effective. If so, when compared the toxicity and, next, drug cost; the goal is to support the lowest cost treatment that offers the least toxicity yet produces the same clinical benefits.
Commitment for Better Transformation
Putting value-based care knowledge and capabilities into action requires assessing a practice and how to optimize it for the new healthcare landscape then enacting a plan for change. Implementing the principles of population health management has been core objective.
Specifically, It Focuses On:
- Greater patient engagement and education
- Addressing disparities in access to care
- Providing increased support for navigating the healthcare system, clinically and financially
For other practices in oncology and across specialties, the takeaway is to expect nothing short of practice transformation to optimize the results from these new skills, clinical capabilities and operations.
Enhances Patient Experience
Value-based programs include evaluations based on patient satisfaction. Higher patient engagement can help differentiate programs with high satisfaction survey scores, and can yield potential future increases in reimbursement through top-tier scores.
Better patient engagement can reduce the outmigration of unsatisfied patients, and programs that encourage satisfied, engaged patients will also meet the needs of new cancer care consumers.
Empowering Oncology Practice Transformation with Proven Solutions
Out of many changes required to transition to value-based care, providing a detailed roadmap, along with proven technologies, resources and expertise, to make the journey a success is something every practitioner looks into.
Value based model for Oncology practice gives deep expertise in transitioning practices to succeed in this new landscape. It provides a wealth of solutions that have been tested and proven in a value-based environment for such critical areas as evidence-based care delivery and reporting, analytics, and revenue cycle optimization.
Unlike traditional fee-for-service care models that link payment to the number and type of individual services utilized, value-based care is intended to at least partially link payments to patients’ health outcomes and/or quality of care.
Over the last 5 years, the Centers for Medicare and Medicaid Services (CMS) has implemented several payment programs that cut Medicare physician payment rates in response to lack of compliance with CMS definitions, measures and processes; commercial payers have followed suit. Value based model for Oncology practice are patient-centered and are often most effectively accomplished by a team-based approach to care.