With the nation’s healthcare spending projected to top $6 trillion by 2027, regulators and payers are turning to value-based care strategies to curb unnecessary costs while nudging the United States up the list of countries with high-quality patient outcomes.
Value-based care models require healthcare providers to take accountability for the spending and outcomes of a defined population of attributed beneficiaries. Participants must meet challenging financial and clinical targets in order to gain incentives or avoid negative payment adjustments.
The rapid adoption of value-based care models has put pressure on healthcare organizations to enhance their visibility into the challenges and utilization patterns of their attributed populations in order to stay ahead of avoidable spending.
For that, they need data analytics. (more…)
A hospital’s surgery department is often its biggest driver of revenue. As such, it’s important that surgical procedures start and end on time and are appropriately staffed. It’s also important that surgical rooms are turned around quickly and that surgery departments are minimally impacted by unexpected procedures.
Many surgery departments aren’t running at peak efficiency, but hospital administration is unclear as to the drivers of inefficiency. How can administrators better understand how to optimize the performance of their surgery departments? Here’s a look at some challenges and how surgery analytics can help.
In the world of value-based reimbursement, health system CFOs are finding it harder and harder to deny the cost-saving and quality improvement opportunities of health IT outsourcing. According to a Zion Market Research, this market is expected to reach $73 billion by 2024 with a CAGR of 6.5%.
Along with value-based incentives to drive down costs, the health IT outsourcing market will be driven by a widespread lack of IT infrastructure and trained professionals in the healthcare space. Let’s take a look at the benefits, process, and challenges facing this growing industry.
If we were to look at healthcare in the same way we look at businesses, patients are the consumers. And as consumers who pay money for quality care and service, there are certain standards for the patient experience that need to be met. As mentioned in a previous blog post, we are all patients. At some point in our lives, we have all experienced and been influenced by the healthcare system in more ways than one.
The Beryl Institute recognizes Patient Experience Week as a time to celebrate healthcare professionals and the accomplishments made within the community. The week-long celebration is also a time to reflect and evaluate where improvements can be made. Throughout spending time celebrating, healthcare professionals may have asked themselves and their teams, “Can the standard for quality patient care be raised higher?”
In my recent series of posts, I’ve been exploring various approaches to value-based care (VBC). Here I’ll delve into Accountable Care Organizations (ACOs) and their importance in the value-based landscape.
Tweet: Accountable care: The next frontier of value-based care
The ACO model represents what’s arguably the most progressive approach to delivering both care and value. It stands out in terms of its potential to significantly shift not just how care is provided, but how resources are allocated to assess and improve the well-being of a population. In effect, the emphasis is on “health” as opposed to “healthcare” in the traditional sense. (more…)
Lately, I have been thinking about the transition to value-based care in terms of a journey and envisioning an automobile dashboard as a means for presenting the most relevant information from perspectives that change throughout the trip. For example, a vehicle dashboard equipped with GPS can give “turn-by-turn” navigation while also measuring overall progress toward the destination. It can also provide the driver with visibility into different collections of helpful measures at a glance, and assist the driver in optimizing the trip plan based on priorities such as taking a scenic route versus the fastest one.
Tweet: Using data to navigate the value-based care journey
Similarly, analytics – done well – can give healthcare organizations visibility into their incremental (“turn-by-turn”) steps toward value-based care, exposing opportunities for course corrections while also showing how each step fits into the broader context of the entire journey. Here’s how. (more…)
Trust is the foundation of all good relationships—and not just between people. Trust in data is essential for healthcare organizations. This is especially true as the move toward value-based care demands increased, high-level collaboration among different constituencies within a healthcare enterprise.
Tweet: How to build a data foundation that supports value-based care
As care migrates away from straight fee-for-service, healthcare organizations must weigh investments, risks, and tradeoffs objectively with quantitative, trustworthy data. This kind of data driven decision-making will be critical to shaping the initiatives and high stakes choices required by value-based care. In this blog, I will detail three steps you can take to build a trusted data foundation. (more…)
Value-based care is quickly moving from “talked about” to “reality” in healthcare. As providers are implementing new value-based arrangements, there are a lot of issues that are coming to light that may not have been fully thought out or realized before.
Tweet: 3 realities as we move toward value-based care
Stakeholders from across the healthcare ecosystem discussed several of these realities recently at Xtelligent Media’s Value-Based Care Summit, held in Boston. While I have a notebook filled with takeaways from the event, here are a few themes that stood out on what providers need to be cognizant of as we move to a more value-based world. (more…)
The ground is shifting beneath the feet of healthcare leaders. The United States is inexorably moving toward value-based care, requiring healthcare organizations to start laying the foundation for more holistic, proactive, and population-oriented care. But today’s margins depend on the “piece work” model of fee-for-service, treating people primarily when they are already sick.
Tweet: Navigating the path to value-based care
How can healthcare organizations address both simultaneously? Well, the good news is that they are not mutually exclusive. Here are three suggestions for success. (more…)
From 1990 to 2007, the U.S. government increased healthcare spending by about $1 trillion. The problem with this statistic is that once figures reach thirteen digits they begin to sound like monopoly dollars. To put it another way, this 18-year period saw an annual growth rate of 7.3% in healthcare spending, which is more than double the 3% annual growth in real GDP.
Tweet: How hospitals can better manage revenue cycle in a value-based world
Value-based care has emerged as one way to try and combat the rapid growth in healthcare spending. While the emphasis on quality holds promise for patient care, it has created financial challenges for hospitals. Let’s examine the impact it has had on the revenue cycle. (more…)