The transition to a value-based reimbursement system from the more familiar fee-for-service (FFS) model has created an environment where providers are rewarded based on the quality of their service or the level of care delivered to patients. Practices will thus have to evolve in their strategies to be well positioned to bear greater financial risk while at the same time having to pursue improvements in quality. Here are 3 best practices that can help your practice improve reimbursements in a value-based care setting:
1. Have a Clear Understanding of the Value-Based Reimbursement System
The first step towards a smooth transition to a value-based care payment model is to understand what value means; not just to your practice but to patients and payers. It’s important to understand that in a value-based world, payments are tied to outcomes, effectiveness, and efficiency. The aim is better care for individuals, improving population health management strategies, and reducing healthcare costs. How do you perceive improvement in service delivery? Is your perception of quality care aligned with that of patients and payers? Considerable effort should be made to align the measures of quality you adopt with that of patients and payers. Any form of misalignment should be identified and addressed.
2. Make Actionable Data Available
A way to increase transparency in service delivery and gain the trust of patients and payers, which is vital to success in value-based care settings, is to make actionable data available on a regular basis. According to a report by the Alliance of Community Health Plans, data is “valuable only if actionable.” Publish data that captures improvements in service delivery by highlighting areas where value has been added and where significant reductions in cost have been achieved. This would build trust in patients and payers because they can easily evaluate the performance of a practice though the data provided.
3. Educate Your Staff
The education of staff on how to engage with patients should be a top priority. Operating in a value-based care setting demands that patient’s satisfaction should be pursued as payments are tied to it. According to Dr. Rita Numerof: “The satisfaction of the patient is going to be really important in outcomes. We’re going to have to look at quality outcomes.” Employees at all levels must therefore be adequately trained to understand patient’s needs and be well suited to meet them in the best way possible.