HFMA Finds Hospitals Preparing for Shift to Value-Based Healthcare

A recent report by the Healthcare Financial Management Association's Value Project suggests hospitals and health systems are preparing for changes in payments as reimbursements shift to value-based models, according to an HFMA report.

The Value Project aims to help guide the transition from a volume-based to a value-based healthcare system. The Project's first report, "Value in Health Care: Current State and Future Directions" includes the following key findings:

• Thirty-five percent of organizations have begun investing in population health management or are planning to within the next two years.
• Twenty-seven percent of organizations involve physician leaders in resource allocation and decision making.

The report also includes the following recommendations for health systems:

• Organize efforts around driving value for purchasers of care by improving the quality of care while reducing the amount paid for care.
• Develop four key capabilities of value
  
  • People and culture –— Create a culture of collaboration, creativity and accountability.
  • Business intelligence — Collect, analyze and connect accurate quality and financial data to support organizational decision making.
  • Performance improvement — Use data to reduce variability in clinical processes and improve the delivery, cost effectiveness, and outcomes of care.
  • Contract and risk management — Develop and manage effective care networks and predict and manage different forms of patient-related risk.

• Communicate value to purchasers by developing a system of key value metrics that provide meaningful and comparable information

Read the report on the HFMA Value Project.

Related Articles on Value-Based Purchasing:
What Value-Based Purchasing Will Mean for Hospitals, Other Providers
5 Ways Value-Based Purchasing Relates to ACOs