3 reasons practices should prepare for value-based care now rather than later
In recent years, value-based care has emerged in the healthcare industry as a new standard for provider reimbursement. Practices across the country are rapidly transitioning into this new reimbursement model, with 36% of providers reimbursed through value-based payments in 2020. Providers and practices that have been early adopters of value-based care are already improving overall collections. As your independent practice considers making this transition, we invite you to consider a few reasons to start preparing now.
Taking the time to prepare for value-based care now will provide numerous benefits to your practice, providers, and patients now and in the future.
1. Improves the patient experience
Value-based care rewards providers for improving patient outcomes like reduced length of stays or re-admissions (among other measurements). Practices that have already changed their care plans to achieve the measurements have also experienced increased patient satisfaction.
Furthermore, practices also improve the quality of care and the patient’s experience when they use technology like:
- Advanced EHR systems
- Patient portals
- Check-in kiosks
TRIARQ Health’s practices report that patients prefer a streamlined experience that includes convenient, immediate communication before they even set foot in your office. Many of our customers also find that technology reduces the time patients wait in the office for their appointment.
Similarly, providers we have worked with have found that they can achieve cost savings, improved patient experience, and higher compensation. Process improvement soon becomes a virtuous cycle for our customers, giving them steady revenue as their patients’ experience improves.
2. Save time by processing clean claims
Traditional payment models reimburse providers retroactively, which can cause delays in reimbursement and wild fluctuations from month to month. On the other hand, value-based care shortens the time between seeing a patient and being reimbursed by the payer, resulting in drastically reduced denials and higher compensation with fewer days in A/R. Generating steady cash flow like this allows you to plan, predict, and forecast revenue in advance.
3. Reduce demands on staff
Since traditional reimbursement models center around the number of services provided, clinicians often increase the number of patients they see to generate the revenue needed to operate the practice. This model, however, increases the burdensome demands on administrative and nursing staff as they work to keep up with more patient visits.
Under value-based care, doctors who take steps now to reduce the number of unnecessary office visits also reduce the demands on clinical and administrative staff. The results are more efficient workflows and more financially sound practices.
Successfully preparing for value-based care today
TRIARQ Health is committed to making sure independent practices stay in business for themselves. That is why our experts recommend adopting new processes and procedures sooner rather than later, increasing your chances of continued success. As you improve patient experiences and provide higher-quality care, you will attract more patients and ensure your practice continues growing.
Implementing new office procedures can result in cost savings now and prepare your practice for value-based care. The process may seem daunting, but TRIARQ Health is here to help you achieve success. We can help you reduce the burdens on your staff, enhance your patient communication, improve your care plan execution, and increase your collections.
To learn more about how TRIARQ Health can help you provide better care, improve patient relationships, optimize your workflow, and maximize your opportunities to grow, request a call with one of our experts today.