Value-based care: Why should you care?
What exactly is value-based care and shared savings? It’s a win-win-win for physicians, payers, and patients! The basic concept is simple: if a physician network/ACO can successfully manage the health of its overall patient population, achieve better clinical outcomes, and reduce total health care spending, patients fare better and physicians share in the cost savings.
The challenge is quantitatively proving that your actions are responsible for creating these savings. That’s where we come in. TMA PracticeEdge provides the expertise, resources, and technology backbone needed to negotiate value-based contracts and prove clinical and financial accountability.
Some experts estimate that within 10 years, 80 percent of patient services will be rendered on value-based contracts. In Jan. 2015, the U.S. Department of Health and Human Services released new projections of future reimbursement in new payment models. Value-based care is targeted to comprise more than 50 percent of payments by 2018 (see "Your Guide to Medicare Value-based Care" to learn more).
A 2014 TMA physician survey found that roughly two-thirds of Texas physicians care for patients at independent practices. Most of these physicians don’t have access to the tools and financial support needed to transition to value-based care, pressuring many to align themselves with hospital systems. Thanks to TMA PracticeEdge, independent physicians now have a choice.