It is no secret that healthcare is shifting away from a volume-based to a value-based system. On multiple occasions, CMS has stated their goal of having 50% of Medicare payments in alternative payment models by 2018. With the official launch of CJR, the first mandatory bundled payment initiative, already underway and a proposal for additional mandatory programs already in the works, healthcare providers can no longer afford to put off their own bundled payment initiatives.
To ensure your healthcare organization is poised to become a preferred post-acute collaborator or a top-performing hospital or health system awardee, you must utilize technology throughout the entire care episode. Without technology, the bundled program will likely be cumbersome and inefficient for staff members, while costly and ineffective for the provider. Starting to implement technology at key points of the patient and population health journey is a key step in the bundled payment process.
There are many benefits to implementing bundled payment technology sooner rather than later. Bundle programs help providers realize significant financial gains both in the near and far term by improving outcomes, increasing patient loyalty and satisfaction, and laying the foundation for capitalizing on payment incentives as they occur.
Improve Patient Outcomes
To prepare for bundled payments, a crucial piece will be improving patient outcomes. Your organization can start to capitalize on programs such as the HRRP and see financial gains in the short term by reducing the length of stay, HAIs, and readmissions. By improving outcomes in the long term, the entire cost per episode of care will decrease, allowing for the most net profit under bundled payment incentives.
Enhance the Patient Experience
The patient experience is an integral piece to any bundled payment program. Your organization’s HCAHPS scores are directly tied to the quality score that impacts your reimbursements and penalties from CMS under bundled payment programs. Utilizing technology to create meaningful patient interactions and quickly resolve issues improves patient perceptions and has a lasting impact on satisfaction scores.
Increase Patient Loyalty
Because bundled payment programs span an entire care episode, there are many opportunities to create positive touchpoints with patients before and after they are in the hospital. With technology that enables personalized messages and regular outreach, you can reinforce provider missions and showcase the level of care patients can expect from the provider’s organization.
Capitalize on Current and Future Financial Incentives
Technology-driven programs such as patient follow-up to reduce readmissions or leadership rounding to improve satisfaction can see short term financial gains through current payment incentive programs like VBP and the HRRP. As more payments are tied to alternative payment methods, putting the technological infrastructure in place now will have immense benefits in the future.
As the only technology company that delivers a comprehensive bundled payment solution that spans the entire care continuum, we are here to help set you up for success. For more information on how we can help you on your bundled payment journey, contact us today.