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As we look toward brighter days post-pandemic, we would be remiss to not reflect on how COVID-19 has challenged healthcare providers, both clinically and financially. While COVID-19 infections have declined, providers have learned from the turbulence of the past year that being prepared to think strategically about their business is critical to providing affordable, quality care, while also achieving their financial objectives.
Engaging with payers in collaborative arrangements is critical for achieving quality outcomes at lower cost, while ensuring financial health for providers during good times and bad. While alternative payment models have been in place for many years, providers who already had more collaborative arrangements in place with payers, such as some value-based care arrangements, generally fared better than those in fee-for-service models during the pandemic.