It won’t be an instantaneous change, but the days of fee-for-service healthcare are coming to an end. If you run a medical facility, you’ve undoubtedly heard about the value-based care model, in which hospitals will receive incentives for providing excellent patient care. Reduction in repeat visits will be one of the key metrics.
This paradigm shift, promulgated by insurers who are aggressively reducing reimbursements to healthcare providers, is forcing many providers to abandon the fee-for-service approach in favor of value-based care. This model maintains that the fewer times a patient returns to a doctor, the better the medical care received, resulting in lower healthcare costs for all involved.
On the flipside, hospitals unable to help patients achieve lasting and measurable health improvements can face steep penalties. Therefore, merely hiring revenue cycle management companies no longer suffices.