While the recent election has created much uncertainty about the future of the Affordable Care Act (ACA), there’s a strong likelihood that a number of its individual provisions will survive in one form or another ‒ among them, the push to switch from a fee-for-service provider payment model to one centered around value-based care.
Kevin Kennedy of ECG Management Consultants suggests 10 reasons why value-based care will continue to thrive in the Trump Administration. You can read the entire list at the ECG website, but we’ll highlight a few of his thoughts below:
We need to get costs under control, and the same fee-for-service model isn’t going to get us there. According to the Department of Health & Human Services, healthcare spending could climb to $3.35 trillion by the end of 2016. That equates to $10,345 for every American, which dwarfs the per capita healthcare spending of every other industrialized nation.
Many employers have already made up their minds about value-based care. In an effort to keep their employees healthier and curb premium costs, employers are increasingly collaborating with health insurers and medical service providers to design value-based reimbursement arrangements
Healthcare consumers want value. As in other industries, consumers want to know that there is value in the services they are purchasing, be that in the form of cost, quality, convenience, experience, or a combination. Consumerism is not a partisan issue.
Kennedy also mentions that “… innovation has been unleashed on the healthcare industry” ‒ and here’s where MedBen Analytics comes in. We provide an innovative platform with which hospitals can best capitalize from bundled payments for value-based care.
MedBen Analytics’ advanced reporting system takes raw claims data and converts it into actionable reports. Using the insights offered, providers can see where opportunities for improvement lie. And while the initial focus for our platform is on Medicare payments, its cost-saving applications have the potential to benefit the private sector as well.
Hospitals and providers interested in a demonstration of the MedBen Analytics system or additional information are welcome to contact MedBen President and COO at 888-633-2364 or kharden@medben.com.