While the process of transitioning from a fee for service model to value-based care might not happen overnight, it is completely achievable for medical practices. It’s important to remember that value-based care programs are designed to improve patient outcomes and increase the efficacy of the entire healthcare system. Transitioning from a fee for service model to value-based care is best accomplished through careful planning and regular assessments.
What Value-Based Care Strategies Exist?
There are two primary types of value-based care transition strategies: accountable care organizations that utilize capitated payments and bundled payments (single payments for multiple services that are treating the same condition). One survey of health care providers and executives found that almost half of respondents say value-based care contracts improve the quality of care and lower the cost of care. That makes them an awesome path to pursue for many healthcare practices.
What Are the Barriers Preventing Transitioning from a Fee for Service Model?
According to that same study, the primary barriers facing doctors and other healthcare providers include:
- The need to invest in new technology and infrastructure
- Changing regulations and policies
- Administrative details
- Concerns about the long-term sustainability of the transition
Some of the other transition challenges can include:
- Tracking two different types of payment systems (value-based and fee for service) at the same time
- Tracking a comprehensive range of quality measures that may vary from year to year
- Transitioning your practice through a revenue transition period where revenue may temporarily drop
Thankfully, many of these problems can be overcome with assistance from an experienced consulting company like Medical Business Partners. From identifying what technology could accommodate your value-based care reporting to training your employees in new administrative procedures, we are here to help. Some of the best ways to make the transition smooth and seamless include:
- Constantly looking for ways to reduce operating costs and improve efficiency throughout the process of delivering care
- Increasing patient volume to boost revenue
- Adopting new infrastructure that will make tracking new measures simpler and improve your performance
Transition from a Fee for Service Model with Medical Business Partners
Medical Business Partners conducts many coding audits, leads educational trainings and forums, as well as boot camps for staff and physicians. To learn more about our coding and billing services, start-up consulting, credentialing services or other ways we can help you increase your revenues, please contact us through our website or by calling (202) 390-3966.