In this episode we discuss the importance of collaborative relationships between payers and providers, especially in value-based care or risk-based relationships. Hear from David B. Snow, Jr., the chairman and CEO of Cedar Gate Technologies, on driving factors that contribute to successful payer / provider relationships and much more. This episode is sponsored by Cedar Gate Technologies.
Summary
The Importance of Collaborative Relationships Between Payers and Providers in Value-Based Care
Introduction
The relationship between payers and providers has always been a challenging one. The tension arises as payers try to manage costs while providers strive to deliver high-quality care. However, in a value-based care world, collaboration between payers and providers is crucial. In this article, we discuss the insights shared by David B. Snow Jr., chairman and CEO of Cedar Gate Technologies, regarding the significance of collaborative relationships in value-based care.
Collaboration is Key
According to David B. Snow Jr., collaboration between payers and providers drives new relationships, new types of trust, and fosters conversations that would not have happened a decade ago. Without this collaboration, delivery systems are at risk of making many mistakes, resulting in substandard patient care. In a value-based care world, providers have a stake in the game when it comes to patient health. Collaboration and analytic support help providers manage this responsibility, ensuring more frequent proactive follow-up, and better patient care.
The Cedar Gate Solution
Cedar Gate Technologies is a platform that assists payers and providers in managing value-based care relationships. The platform provides value-based care analytics, population health capabilities, and integrated payment technologies to administer bundles or capitation. Cedar Gate can also help providers transition from fee-for-service models to value-based care models by providing technology that identifies opportunities and strategies to leverage technology successfully. In fact, one of Cedar Gate's customers, a 13-hospital system, achieved great success in value-based care after they started using Cedar Gate's platform. Three years into their partnership, they cut their gap in half and made 20 million dollars by the third year.
Proactive Incented Value-Based Care
Cedar Gate Technologies developed a proprietary algorithm to identify individuals at risk of diabetes before they were diagnosed. This is an example of proactive incented value-based care. By identifying individuals at risk and providing early interventions, providers can reduce overall healthcare costs while improving patient care.
Conclusion
Collaboration between payers and providers is crucial to achieving success in value-based care models. Cedar Gate Technologies provides a platform that fosters collaboration, provides analytics and payment technologies to support bundled payment models, and guides providers in transitioning from fee-for-service models. By adopting value-based care models, patients can receive better care, providers can benefit from financial incentives, and payers can effectively manage costs.
Note: This is an AI generated transcript, not edited by a staff writer and is solely intended for educational purposes. If you have any questions/concerns, reach out to podcasts@beckershealthcare.com
This episode aired on 04/20/2023 and can be listened here.
Subscribe to Beckers Healthcare Podcast here.