3. Collaborate with payers and explore alternative reimbursement models
More and more reimbursement contracts call for value-based payment arrangements, causing the traditional fee-for-service model to dwindle. You will be held accountable for the cost and quality of care rather than the number of patients you serve. Have you proactively prepared for this reimbursement shift?
· Consider risk-based alternative arrangements. Arrangements like capitation and ACOs can increase revenue and drive more value in the payer-provider relationship. Collaborating with payers and sharing risk with other doctors and hospitals can help you work more effectively and succeed within today’s dynamic healthcare environment.
· Partner with payers and sign up for a narrow network. Payers want to steer their members to doctors who provide value-based care and practice good medicine. The smaller the network, the more opportunities they have to strengthen relationships with providers. Physicians may want to consider partnering with payers as one of a few providers within a narrow network, which tend to carry lower premiums for patients.
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· Understand your success in value-based care. Adopting analytic models and methodologies ahead of time will help you comprehend various types of data needed to determine your success in value-based care.
Transforming traditional approaches to patient care can help your primary care practice endure the physician shortage, in addition to creating opportunities for new types of business. Running an efficient and competitive practice can enable you to not only meet emerging patient expectations, but to enhance profitability as well.