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What is the transformation and what is the value-based care journey, how is the financial system in health care changing, and how does that change impact health care practice?
The health care system has been steadfastly forging ahead toward a value-based care (VBC) reimbursement model over the past several years. As we enter the seventh year of Medicare’s Quality Payment Program (QPP) and continue to see new alternative payment models (APMs) implemented and tested by both CMS and the private payers, it’s clear we are still in the early phases of this complex journey.
These reimbursement model changes are redefining the role of the physician practice. Public and private health care payers are increasingly trying to transfer the financial risk and administrative burdens to the practice and individual provider, necessitating heightened administrative efforts to document care delivery and outcomes. This evolution has given rise to what we now know as value-based care.
As 2024 progresses, providers across the health care spectrum must adopt strategic measures to tackle the complexities of evolving VBC arrangements and lay the groundwork for enduring success in VBC delivery.