The phrase “on a need to know basis” usually conjures classified files and shadowy figures giving top-secret orders. Applied to value-based reimbursement (VBR), however, practice managers may often consider everything they “need to know” but don’t yet. The phrase can seem overwhelming rather than secretive. Shouldn’t they need to know everything when it comes to VBR? And with a topic so complex, is it even possible to know everything?
More than just a new reimbursement model, VBR is already creating substantial changes across the healthcare industry. Payers are testing and modifying VBR models. Clinicians are reviewing outcomes data and making protocol improvements. Practice teams are collaborating cross functionally to modify both clinical and financial processes.
VBR changes are certainly vast, but here’s some good news: Much of the information you need to know is already within the four walls of your practice. Yes, you’ll likely need to dig deeper into your data – and you may need to establish an analytics initiative if you haven’t already. Because VBR requires a new level of intra-practice collaboration, you’ll get to see just how much knowledge and innovation your teammates have.
So if you’re on a “need to know” basis with VBR, don’t worry – a collaborative outlook can help you and your team take on the challenges ahead! Download Successfully Transitioning to Value-Based Payment Models for tips and practical strategies to help your practice transition to VBR.