An increasingly frequent concern among stakeholders in healthcare is that private practices may find it challenging to cope with the requirements of value-based care. However, by adopting appropriate measures, private practices, both small and large, would be able to overcome the challenges of implementing value-based care.
Private practices usually view value-base care cautiously. Value-based care seeks to enhance care quality and reduce costs in comparison to fee-for-service. Private practices must revamp their financial and clinical processes to achieve success under the model. Unlike the simple, fee-for-service model, private practices must now complete quality reporting activities, examine patient results (Both inside and outside the practice), monitor financial results, etc.
These expected clinical and financial changes are proving to be a challenge for private practices. For private practices handling a substantial patient inflow year-on-year, a yearly wellness visit program would help in addressing major issues and initiating quality measures. Business Intelligence tools and advanced reporting system could provide information that could be very difficult to interpret. That’s another challenge faced by private practices. Such challenges are relatively common and many practices believe they would not be able to adjust to the demands of the new healthcare environment.
For many private practices, value-based care is intangible. Value-based care appears to be transforming all the time and it is tough to understand. Private practices must leverage advanced systems to integrate value-based care practices into their daily workflows and comprehend the financial incentives of completing value-based activities.
Value-based care results in a huge amount of data. The data has to be analyzed effectively to identify care gaps and other crucial information. Once the data has been processed, it should be presented for informed decision making. Providing the right information to private practices at the right time would enable them to achieve value-based care success.
By combining financial and clinical data from different sources, private practices would be able to maintain a user friendly checklist of actions that would reduce the care gaps. A comprehensive incentive payments structure would also make value-based care more feasible for private practices. For instance, if a patient with a specific disease visits the private practice, doctors could log into the system, retrieve the patient’s record and view a checklist of items the doctor requires for a value-based care. The system would also provide information on any omitted actions.
Convincing private practices on the financial benefits they would receive for closing care gaps would also motivate them to ensure each activity was completed for value-based care success. Eliminating any financial uncertainty surrounding value-based care would facilitate a behavioral change among private practices.
At present, there is growing evidence that private practices are playing a vital role in providing value care by reducing the care gap. There has been a dramatic increase in diagnoses and it has become easier to determine the sickness level and the associated cost of treatment.
Private practices are increasingly engaging in value-based care since they have access to the information they require to comprehend value-based care.
Value-based care has the potential to transform healthcare. If you want to know how a private practice could effectively make the shift and succeed in a value-based care environment, please visit www.genamet.com