Value-based contracts (VBC) offer significant incentives for healthcare organizations willing to adopt change, but to drive meaningful change quickly, organizations need to be laser-focused on improving clinical quality, lower the cost of care, and creating consistently positive member experiences. Sounds pretty easy, right? It’s not. However, with the right pieces in place, organizations can find early success much more quickly and start to prepare their organizations for the rapidly approaching VBC future.
Creating and capturing value with VBC
As the shift from fee-for-service to VBC gains more momentum, there is a clear and urgent need for provider organizations to evolve their traditional service model to a more holistic, patient-centric care setting. To create and capture more value, providers need to foster stronger relationships with patients, physicians, care managers, and any relevant stakeholder. Providers must acknowledge the speed and intensity of this transition to value as patients continue to take more control over their healthcare decisions, and physicians are increasingly required to focus on driving patient satisfaction to strengthen patient loyalty, improve patients’ engagement with their own care, and ultimately, earn better financial incentives.
According to a McKinsey report, taking greater advantage of existing VBC programs can improve most providers’ EBITDA by at least 20%—sometimes up to 50% in low-margin systems.
To deliver a comprehensive and efficient value-based care model, an analytics-powered approach that will break down silos and offer an integrated and agile platform can help organizations deliver on this opportunity. With a sustained focus on risk sharing agreements, organizations can establish a path to long-term savings within a few short years. And by implementing a coordinated care management system, organizations can actively encourage primary care providers to avoid unnecessary emergency visits, streamline workflows, and improve TCM, CCM, RPM, and AWV strategies.
What are TCM, CCM, RPM, and AWV?
Innovaccer’s solutions for Rapid Value Realization
Enter: the Innovaccer Health Cloud. Designed to help provider organizations realize rapid value, our offering combines Innovaccer’s Data Activation Platform and an extensive application suite of services and tools allowing customers and partners to develop interoperable applications that improve patient engagement and operational performance and reduce the cost of care.
The comprehensive solutions built on the Innovaccer Health Cloud:
With these capabilities, organizations can easily track and manage TCM, CCM, and AWV strategies to derive value from value-based contracts.