Success or failure in the bundled payment arena is closely tied to whether proper strategies are used. Here’s how to thrive in the bundled payment arena.
Data is king for bundled payment success
Bundled payments are a common form of value-based payment. Several countries, including the United States, have developed bundled payment programs, in which healthcare organizations receive a fixed payment for services provided in discrete care episodes and are held financially accountable for spending on those episodes.
The purposed of bundled payments is to reduce total healthcare spending on patients with included clinical episodes while maintaining or improving quality through reducing unnecessary care and improving care coordination.
Studies show that with the right data analytics delivering actionable insights, providers can be successful in taking on bundled payment models. A recent article and study published by BMJ, Spending and Quality After Three Years of Medicare’s Bundled Payments for Medical Conditions: Quasi-experimental Difference-in-differences Study, showed that providers pursuing bundled payments as a cost containment strategy should be encouraged by the 1-2% cost savings achieved on medical bundles and the 2-4% savings on surgical bundles.
The right tools and support
Pagati offers healthcare providers a host of features that optimizes their care network, helps cut costs, and improves the quality of care they deliver. Pagati seamlessly integrates health systems, accountable care organizations (ACOs), and physician groups to provide the data that informs leaders the status of their bottom line. It analyzes episode benchmarks and determines where they need to focus to maximize shared savings. Pagati’s proprietary gain-sharing methodologies identify opportunities in bundled payment programs for assuming additional risk. Furthermore, it identifies and addresses revenue-losing gaps in post-acute networks.
The Pagati post-acute network performance platform uses advanced data analytics and financial intelligence to create high performing provider networks by designing appropriate and cost-effective patient pathways that identify gaps in care, reduce financial risk, and improve care quality. Read more about our tool here.
Key to success
Accessing analytic insight in your bundled payments can give you an edge. Pagati can help you succeed. Contact Signature CareConnect today to explore Pagati and all it can offer.