“In the midst of chaos, there is also opportunity.” –Sun-Tzu
Healthcare is full of chaos today: regulatory reform, political uncertainty, rapid technological change, vast amounts of clinical and financial data, and the growth of alternative payment models. Yet the quote above is both powerful and true: chaos does breed opportunity.
What healthcare organizations need to ask themselves is: Where is the greatest opportunity now, and how can we capitalize on it?
Capitalize on opportunity
Today, healthcare organizations are at varying points along the value-based contracting path, with only some skin in the game. Yet the eventual transformation from volume-based to value-based payment models is certain: every healthcare organization will have to become a value-based, risk-bearing enterprise at some point in the near future.
The biggest opportunity for most healthcare organizations today lies in finding the grit to embrace their push toward a value-based environment. The simplest way to do that is to leverage a population health management strategy.
Many healthcare organizations already use components of population health — data analytics, care management, utilization management, disease management, etc. — in efforts to improve specific clinical and financial outcomes. With the right framework, population health can also support the cultural, organizational, technical, and operational shifts necessary to thrive in a value-based environment.
Taking that strategic step starts by ensuring alignment among all the stakeholders within the enterprise. Then it involves using integrated data to determine meaningful opportunities for clinical and financial improvements. Finally, organizations must measure and monitor performance to drive successful risk contracts.
Zero in on value-based care
It is key to objectively evaluate where an organization currently stands in terms of its population health strategy, then develop a tailored plan to accelerate its evolution. This requires engaging necessary internal and external resources. An unbiased, high-level and product agnostic assessment, for example, is essential to help payers and providers zero in on their unique needs, challenges and goals. By further taking advantage of industry expertise, benchmarks, and best practices, organizations can build sustainable, effective population health strategies that maximize value.
Chaos does indeed open up new opportunities. Healthcare organizations must seize the chance to get more skin in the game by strengthening population health strategies today if they want to capitalize on the value-based environment of tomorrow.
Find out how Medecision’s consulting services can help you find the right framework for your organization’s population health strategy.