Value-based payment: Why practices need to get on board now

For an industry traditionally scrutinized for low executive pay, one has to wonder what our executives are actually making.
Now is the time for physician practices to get on board with value-based payment systems.

The smartest move physician practices can make right now is to move ahead with value-based payment arrangements, experts say.

The transition from fee-for-service to value-based care is inevitable and practices that embrace new payment methods will be ahead of the curve, according to Physicians Practice. If doctors are still unsure, here are a few of the reasons it makes sense for practices to move ahead with value-based care:

You’ll be better prepared for MACRA. The new payment systems implemented under the Medicare Access and CHIP Reauthorization Act of 2015 (MACRA) are here to stay, and getting in on a payer’s value-based system will get you ahead on changes you need to make, such as tracking quality patient data, says Mott Blair, M.D., a family physician, whose practice has added a health coach and can identify high-risk patients and be pro-active to keep them healthy.

You won’t get left out in the cold. As local hospitals start setting up a system of providers, you want to be included in order to get referrals, particularly for specialty practices, Elizabeth Woodcock, president of the consulting firm Woodcock and Associates, told the publication.

You’ll get paid for more patient care. Under fee-for-service arrangements, practices don’t get reimbursed for some of the time they spend on patient care, such as returning patient calls or following up on missed appointments. With a value-based arrangement, you will be rewarded for these activities that lead to better patient care.

While there’s lots of questions about the future of healthcare, experts say the push to value-based care will likely continue under President Donald Trump’s administration. Dozens of leading healthcare organizations have called on Trump to continue the federal government’s push to value-based, patient-centered payment models that reward providers for improved quality and cost-effective care.