Within the healthcare industry, changes are gradually being made in order to improve patient outcomes and ensure that institutions remain efficient and effective. Among the most important changes is the shift from a fee-for-service model to a value-based care model. This fundamentally means healthcare providers will be less incentivized to perform as many services as possible to as many patients as possible. Instead, they will be rewarded by the quality of care they’ll provide to their patients.
At ECLAT Health Solutions, we understand that the future of healthcare is going to be one that is data-driven, based on effective analytics and efficient IT systems. We are dedicated to supporting numerous healthcare institutions facing such unprecedented changes by offering our expertise in Medical Coding, ICD-10 Auditing, and up-to-date Medical Billing. Below, we provide you with key knowledge regarding the various effects that the value-based care model may have on your organization’s revenue cycle:
Reliance on Data & Analytics
Part of integrating a value-based care model will be the emphasis on tracking and managing the improvement of quality within a particular healthcare provider’s organization. In order to accurately measure and efficiently respond to issues arising from care quality trends, your organization must have a strong data analytics system in place. This is often provided by a capable medical support service, which processes your organization’s clinical, patient outcome, and financial data to obtain precise care quality measurements. The service is then reflected in calculations for value-based reimbursements.
The Significance of Population Health
Another central focus of a value-based care model is the improvement of patient outcomes, measured by events such as the rate of patient re-admissions and emergency room visits. This shift in focus has convinced providers implement more preventative care measures, including the development of effective population health management programs. These measures seek to identify patient populations with both the highest risk and cost, such as baby boomers or those with chronic illnesses. By encouraging preventative health treatments among high-risk and chronic patients, you can ensure the improvement of patient outcomes, which is then reflected well within your revenue.
An Emphasis On Front-End Revenue Cycle Management
Value-based care models are also the most effective and incentivizing when providers are able to develop and enhance their revenue cycle management by performing techniques from the front-end. This includes persistently collecting patients’ data from the point of admission, recording detailed documentation, and directly engaging patients about all elements of their healthcare decisions - including their financial responsibilities and your organization’s payment policies. These techniques will result in higher patient-generated revenues and further benefits from your organization’s shift into value-based care reimbursement models.
ECLAT Health Solutions: Reliable Medical Billing Support Services
With the advent of new systems and healthcare models, huge changes will eventually be made your institution in order to improve patient outcomes, as well as clinical and administrative efficiency. At ECLAT Health Solutions, we maintain forward-thinking objectives towards our clients’ needs, seeking new ways to support your organization, and allow it to run smoothly as you integrate into a value-based care model. As specialists in accurate medical billing, clinical documentation improvement, and more, we can ensure that your focus remains set on improving patient outcomes and building a stronger healthcare system. Fill out our form and learn about how our healthcare support specialists can help you today.