Healthcare has been in the news a lot lately. #Trumpcare #Obamacare #RepealAndReplace It doesn't matter which side you're on people get sick at some point in their lives and seek medical care, and as medical professionals, we want to help make people better. What keeps getting in the way is the cost of that care and who pays for it.
Whether or not you like ACA, one good component of it was the introduction of the Center for Medicare and Medicaid Innovation and the Bundled Payments for Care Initiative (BPCI). The BPCI introduced an alternative payment model that defines a total payment for a procedure and requires that all services and participants in the procedure be paid from that set payment. Bundled payments have been shown to reduce costs and improve patient outcomes and align with the move from fee-for-service to value-based care. And while bundled payment mandates, such as coronary artery bypass graft (CABG) and the extension to CJR, have been temporarily delayed, many hospitals participating in the BPCI program plan to continue this model because it is saving them money and improving quality of care.
Methods hospitals have used to reduce costs and improve patient outcomes include:
- Standardizing procedures and care pathways
- Utilizing value-based purchasing
- Improving care team dynamics and collaboration
- Including the patient and their care givers in the conversation
- Having each member of the team function at the top of their license
- Intervening in patient care earlier before problems escalate
- Using technology to educate, monitor, and communicate with patients
Improving processes and using technology to implement them improves efficiencies, quality and patient outcomes, while lowering costs to improve bundled payment margins. Whether you are currently implementing bundled payment models or are preparing for the shift to value-based care, if you're interested in improving quality and patient outcomes, we can help. Contact us to learn more.