4 strategies to successfully use data to transition from volume to value
Posted by Steve Thompson on 2016-11-08
The core challenge in establishing a more sustainable healthcare system is that the current model evolved in a way that made curbing costs increasingly difficult. The traditional fee-for-service system relied upon cost sharing with the patient to curtail medical costs. Providers were incentivized to use more tests and procedures, and there was no financial downside to the patient for doing so. This created an intrinsically flawed healthcare system, one that needed fundamental restructuring.
In one of their most ambitious initiatives ever, the federal government has orchestrated a new healthcare system — one where payment and success are tied to value rather than volume.
This move has left some healthcare administrators scrambling to find the best way to appeal to consumers and deliver the high-quality care necessary in the new market. But it’s the administrators, who understand the importance of effective data collection, who already know: the formula for success lies within each organization.
Read the full article here.