4 Ways to Thrive in the New Payment Environment
4. Find Opportunities in Reimbursement Cuts
While reimbursement cuts are certainly a source of anxiety for VHC, Norman says new payment structures based on quality and outcomes have given providers an opportunity to evaluate their delivery models versus the cost of delivering care. Norman says VHC has "embraced" this chance, which she sees as "an objective way to show we are a quality hospital."
"With value-based purchasing, the most concrete thing in our world has been Medicare value-based purchasing," she says. "We started early on understanding that and working to improve those metrics, and that has had huge dividends… Whether we agree that they have picked the right measures or not, they have picked reasonable measures, and now we can have comparative data."
Value-based reimbursements have also encouraged VHC to reexamine its mission, which it has recently adjusted to meet the new imperatives in healthcare, Norman says.
"Our focus was on being the best hospital, and that has not stopped, but now we want to be the best value hospital with the highest quality and lowest cost while also having the highest patient satisfaction and engagement. By striving to be the best, we have slowly but surely been able to move our numbers… It is why we are growing when a lot of our competitors are shrinking," she says.
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