The Centers for Medicare & Medicaid Services (CMS) has introduced value-based programs, aiming at reducing the cost of care delivery, ensuring better care for individuals and better health for the population. Value-based care model has been devised to replace the conventional fee-for-service model to shift the paradigm from quantity to quality. The payment model includes incentives on delivering effective care and penalties on irregularities.
Currently, CMS is reimbursing 30% of Medicare claims through the payment model but the agency has targeted 50% benchmark by the end of 2018. Through this new payment program, non-participating physicians have to pay a negative penalty of 4% which will increase in the subsequent years.
To qualify for the value-based payment model, physician practices are required to invest in extra resources to ensure deliver quality care to patients. However, this additional investment in the new resources can negatively impact their revenue in case they don’t qualify for the value-based payments. To transform a practice and making it completely ready to meet the new criteria, physicians are required to helm the daily processes from many angles. For instance, investing in the newest technologies such as a complete practice management system integrated with EHR system and clinical decision support functionality. Only such healthcare technologies can quickly automate the clinical processes and a practice can bring in accuracy to the clinical documentation.
However, it comes at a cost and in most of the cases the cost is manifold because it does not end with the simple purchasing of a healthcare technology, it requires a team to smoothly manage it. Human resources serving in healthcare IT are expensive to hire and require continuous training to keep them updated with the latest changes and updates. SybridMD is managing front office, billing and practice management tools of a number of clients who were stuck with a shortage of expert resources and healthcare IT experts. The company offers one place solutions to physician practices, managing from the front office to back office chores. It enables our clients to set them free from the dragging problems and piles of daily pending tasks, allowing them to focus on delivering quality care to their patients.
Through an expert handling of clinical technologies and resources, physicians can easily meet the standards and requirements of the value-based model. Reduced errors and with enhanced accuracy in the clinical documentation enables physician practices to focus more on improving the patient safety measures. The patient-centered approach is the only way to qualify for the new value-based payments. SybridMD empowers physician practices to deliver the patient-centered care and outsource all other processes to dedicated account managers. It not only reduces the cost and lowers the investment in managing the new resources rather it helps practices to quickly transform and adopt the value-based care model.
Although it has been quite in effect now, through our daily interaction with many physicians we came to know that the value-based care model is still a new concept for many physicians. The good aspect of this transition is that CMS has allocated enough time to transform and adopt the new system. However, physicians who haven’t started the transition must start the adoption now because without participating in this program it would become difficult for them to avoid penalties.
SybridMD has made it easier for physician practices to quickly adopt the new model. We are quick to analyze the current scenario and devise a strategic plan for the transition. Physicians can contact the experts by submitting a free request quote form and we would respond by suggesting the easiest path to value-based payment model.