Successfully implementing value-based care strategies into AMCs can seem like a daunting task, but the opportunity to drive better outcomes are worthwhile.
Many academic medical centers (AMCs) struggle to find success with risk-based contracts. The FFS operating model, combined with financial challenges and lack of strategic alignment across various stakeholders, can hold AMCs back from fully committing to the change required to fully embrace value-based care. The required shift in culture and finance can seem overwhelming, but there are ways to make the adjustment easier.
With an understanding of the best staff engagement strategies for your clinics, the VBC models available to you, and an action plan for managing change, your AMC can see success in VBC that provides better care while reducing costs and driving revenue.
Here are five requirements for success that can help you implement VBC strategies at your AMC:
1. Gain commitment from executive leadership
Engage chairs and other clinical leaders to help put together the right structure for the organization. If senior leadership is not on board with VBC, it’s less likely you’ll be able to get buy-in from the rest of the organization.
2. Create a strong foundation of primary care providers
Empower physicians with the insights needed to maximize their performance in a way that’s simple and actionable at a small-practice level.
3. Align financial incentives for providers and staff
Paying out small, incremental rewards on a monthly basis for the completion of each VBC activity drives engagement and produces performance.
4. Engage specialists and non-provider team members
To drive commitment to the work required to support value-based care, all team members who support VBC activities should receive a piece of the incentive earned. If you’re not ready to share incentives directly, you can distribute a portion of the earnings through other means, such as gas cards or new office equipment to encourage staff engagement and retention.
5. Procure technology to capture timely data and provide actionable reports
Technology can support the intake of data from multiple payers to evaluate and monitor VBC performance. An integrated platform across payers is helpful in creating consistent VBC workflows for every patient, every time.
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