As the healthcare industry migrates toward a value-based payment system, with risk-based models like bundled payments gaining speed, it is vital for hospitals to reduce costs and improve clinical processes.
Under value-based payment models, healthcare providers are rewarded for efficiently providing high-quality care. Bundled payment models, where providers are paid a set amount for an entire episode of care, are central to the shift to a value-based system. In a bundled payment model, providers either share in savings or absorb the extra costs associated with complications, extended length of stay or readmissions.
Medicare and commercial payers are shifting toward bundled payments for surgical care. In these surgical bundles, the episode of care begins 72 hours prior to surgery and ends 30 days after the procedure. Because of this, it is vital for providers to reduce costs and re-engineer clinical processes to ensure the best possible outcomes. This will allow physicians and hospitals to generate more income than in the traditional fee-for-service system.
Learn more about preparing your perioperative service line for bundled payment during a Nov. 15 webinar sponsored by Surgical Directions. Featured speaker Jeff Peters, CEO of Surgical Directions, will discuss what health services are included in a surgical bundle, how to identify opportunities to reduce costs and improve clinical outcomes and what is required for a hospital to succeed under bundled payment models.
To register for the webinar, click here.