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The transition from fee-for-service medicine to value-based payments represents the greatest shift in healthcare in more than a century; according to CMS, by 2030 the vast majority of this country’s estimated $6.8 trillion healthcare spending will be tied directly to patient outcomes and satisfaction.
This shift represents a material win for patients – but what of the providers who deliver their care? Some 56% of primary care providers (PCPs) are concerned about the impact that value-based care (VBC) programs will have on earnings, practice operations, and workforce burden – impeding their ability to deliver high-quality care, fully counter to the tenets of the value-based care revolution.
Further, as is often the case, PCPs who serve the most complex and underserved patients face the most significant challenges in the transition to value-based payment models. As a result, provider burnout and attrition is sky-high – and in underserved communities, already limited access to healthcare is dwindling further than ever before.
The transition away from fee-for-service medicine seems a daunting undertaking for most independent PCPs, but value-based care is here to stay. So how can practices effectively partner with health plans, improve outcomes, satisfy reporting requirements and maintain their financial success in a rapidly changing healthcare environment? And what are some proven strategies and technologies to efficiently manage risk-based contracts?