Specialty medical practices should focus on performance optimization and risk management to ensure their revenue cycles meet new value-based care requirements, advised Parag Shah, president of practice solutions at Integra Connect, a provider of technologies and services for value-based specialty care.
He recommended practices first focus on optimizing their performance based on value instead of collections based on the number of patients seen.
"This includes a more comprehensive approach to tracking patients across all care settings, including co-morbidities and adverse events, as well as proactively measuring quality or patient satisfaction that impact performance under the Merit-based Incentive Payment System or Bundled Payments for Care Improvement [model]," said Mr. Shah.
If you would like to share your RCM best practices, please email Kelly Gooch at kgooch@beckershealthcare.com to be featured in the "RCM tip of the day" series.
More articles on healthcare finance:
Neonatal telehealth reduces transfers, boosts community hospital revenue, study finds
CMS cuts payments to 11,000 nursing homes, cites readmission rates
For-profit hospital stock report: Week of Nov. 26-30