Providers provide value
In this Revenue Cycle Intelligence article, you'll learn about:
- What is value based care
" Under the new models, providers are incentivized to use evidence-based medicine, engage patients, upgrade health IT, and use data analytics to get paid for their services. When patients receive more coordinated, appropriate, and effective care, providers are rewarded.
To participate in value-based care, CMS has developed several models for providers, such as the accountable care organization, bundled payments, and patient-centered medical homes."
- Types of value based care models
" “Thus, bundled payment arrangements present many opportunities to re-tool the types and mix of post-acute care, and materially improve patient care and lower costs,” explained the American Hospital Association in a statement to the House Health Subcommittee of the Committee on Energy and Commerce. “Such efforts may include more standardized hospital discharge practices and post-hospitalization protocols for medical, rehabilitation and other post-acute care services.” "
- The success of VBC
" In 2015, HHS announced that 20 percent of Medicare payments were made through a value-based, alternative payment model. In the same announcement, HHS reported that ACO programs had saved $417 million for Medicare and value-based payment models helped reduce hospital readmissions in Medicare beneficiaries by eight percent.
Updated data from 2020 indicates savings have increased by 10 times since 2015 to a total value of $4.1 billion. "