Despite what may happen on the Hill, healthcare providers must continue to shift into value-based care business models to stay competitive in the years to come. A recent report from global professional services firm Alvarez & Marsal outlines several survival strategies for providers navigating this change.
"Real organizational transformation toward a value-based model will be difficult for most providers, requiring executive leadership, effective execution, change management and fact-based decision-making," David Gruber, MD, author of the report, managing director and director of research with A&M's Healthcare Industry Group, said in a press release. "However, visionary approaches to change will result in competitive advantage, increased market share and importantly, a more efficient and effective care delivery system."
Here are six strategic imperatives to survive the shift to value over volume, according to Dr. Gruber.
- To transform care delivery, focus on the whole patient — including their comorbidities and social determinants of health.
- Focus population health management efforts on the 5 to 10 percent of patients who account for the greatest portion of care costs, rather than diffusing efforts over the entire population.
- Become fluent in risk management. "Providers will be required to generate similar skills [as payers], though not necessarily to the same degree," the report reads.
- Seek actionable data, not big data. This will help inform better decision-making at the point of care.
- Align with physicians — mutual trust, collaboration and incentives must be in place to spur behavioral changes.
- Make patient engagement a priority — behavioral change among patients is vital to improve the health of populations.
Read the full report here.
More articles on leadership:
61% of Americans believe Trump is responsible for the ACA going forward
33 memorable quotes from the 2017 Becker's CEO + CFO Roundtable
OhioHealth to cut 19 jobs as part of pediatric therapy program transition