In the ever-changing world of healthcare, providers must learn to adapt to new changes and innovations. According to an article from Strategy + Business, healthcare consumerization and the evolution of risk is shifting from payers to providers with patients gaining more control and choice over their care. In order to to become successful in the new healthcare climate, providers must manage risk by switching care delivery models toward bundled payments, accountable care organizations and other quality-centered initiatives.
Here are four strategies for provider success:
- Determine operation focus. Providers must determine how they want to compete in the current market, whether it be as a high-volume, low-cost institution, or as a center for excellence in a niche market, with higher-cost specialty care.
- Reduce cost of care. Providers should maintain quality standards while finding new ways of cutting costs by approximately 20 percent to 25 percent in the clinical and administrative sectors.
- Create patient-centered care models. Patient experience is important in a quality-driven market. Providers should consider bundled payments and population management which are radically different approaches to care that require correspondingly large changes in operations, including better integration of hospitals, outpatient facilities, and long-term care options into a single continuum of care.
- Manage the transition. Although it may be challenging to switch from fee-for-service models to quality care models, providers should make an effort to strike a balance between both approaches and shift the balance over time.
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