
18 Mar How to Succeed in Moving to Value-Based Reimbursements
We have covered the top three challenges in moving to value-based payments in this article: Top Three Difficulties in Moving to Value-Based Payments.
Here is what the healthcare system should master in order to stay profitable during the process of transitioning to value-based reimbursement.
1. More patients
Healthcare systems will not be able to increase patient volume overnight; it will be a gradual process. As the facilities improve their care, the payers will award the high performers by including them as premier healthcare providers in their network.
2. Shared Savings
Quality improvement will become crucial to achieving management proficiency of shared savings. The ultimate positive effect of shared savings management can increase revenue, improve quality and lower costs to deliver healthcare.
3. Infrastructure
Streamlining and organizing the systems, processes, and procedures will lower costs in any situation. The benefits will go the back to the healthcare system, not the payer. Relevant software infrastructure that tracks all required data elements will assist in a positive quality improvement result.
4. Ability to adapt
Healthcare systems will have to pivot their strategies when faced with not meeting their financial goals. The real test will be in how quickly can they adjust their healthcare delivery system model.
5. Innovations
Promoting innovations, new ideas, and new ways of thinking will be instrumental in staying ahead of the financial curve.
6. Cost
Healthcare systems must know the true cost of care. They will have to go beyond revenues and expenses to manage risks and understand what it requires to deliver services across the spectrum of care.
In conclusion:
It is absolutely possible to stay profitable while utilizing value-based care. Healthcare systems need to understand their targets and the steps and resources required to achieve them.

Sunlit Cove Healthcare Consultants
We provide management and consulting services to help healthcare businesses run efficiently. Navigating the dynamic and complex revenue cycle management is a challenge for many health plans, health care vendors, and providers. Our consulting services are available to assist with your day-to-day operations and provide expertise in growth and change management. We manage all aspects of your enterprise from the development of the revenue cycle management process to the completion of your business cycle.
Related: Revenue Cycle Interim Management
-
2018 Trends in Revenue Cycle Management
With the new year quickly approaching, healthcare teams are in a unique situation when it comes to setting goals for 2018 and defining 2018 trends in revenue cycle management. Heal...
-
5 tips for healthcare administration on creating a healthy, efficient, and positive healthcare work environment
The American College of Physician Executives has reported that more than 5 percent of hospital CEOs are now physicians. That number is growing every year because of the new wave of...
-
Going Paperless in The Healthcare Workforce
Business Week predicted in 1975 that business offices would soon be going paperless. Due to the new usage of computer records, businesses were expected to completely stop using pap...
-
6 Categories of Waste in Health Care
Health care spending in America is rapidly growing. In 2009 alone, that waste as a whole totaled over $750 billion dollars, according to The Institute of Medicine. That obscene num...
-
Digital Pill and Its Possible Future Impact
Late 2017, the Food and Drug Administration approved the first digital pill. What is a digital pill? It is a capsule with a sensor that tracks if you have taken your prescribed med...