Value-Based Care Reimbursement Strategies for Your Physical Therapy Practice
As a practitioner, there are several strategies that you may incorporate when it comes to value-based care reimbursement strategies to ensure that your venture is a success.
It is a known fact that healthcare providers and payers must implement various steps in order to make rewarding quality care over volume-drive care successful. It is crucial that you know what it takes to create protocols that will prove to be win-win for all involved, as it pertains to value-based care and the reimbursements associated with that care.
In this guide, you will learn how technology, data analysis tools on the health of the population, and risk-based contracts work to help you in your goals.
Technology is a Necessity
Technology is considered to be an absolute necessity among providers that have elected to incorporate value-based care reimbursement strategies into their practice. Examples of the technologies that will prove to be exceptionally valuable to your endeavor include electronic medical records, support tools that aid in clinical decisions, mobile-based health tools, patient tracking systems, and those that are similar in nature.
Technology is actually the foundation of an accountable patient care system. When creating payment structures that place an emphasis on providing patients with only that which they actually need, you must be able to track each individual patient.
Population-Based Health Management
The next step to successfully progressing in value-based care reimbursement strategies your practice is incorporating population-based health management systems. You will be able to improve the quality of care that your patients are receiving and will find that achieving the benchmarks of your payment structures is exceptionally easy.
This type of system allows you to place your focus on prevention and the overall wellness of each individual patient. You will find that your patients recover more quickly and that they have fewer hospital readmissions. This is critical when it comes to tending to the individual needs of your patients and moving away from the volume-driven healthcare services.
Risk-Based Contracts
Finally, in order to succeed in physical therapy value-based care reimbursements, your practice should incorporate risk-based contracts. These contracts will outline the shared risks and the capitation risks and the protocols to tend to those risks. It is a known fact that a portion of the payments that you receive are based on your performance in terms of cost efficiency and performance.
When it comes to value-based care, you do not receive as much compensation if you do not meet your targets. By creating the contracts, you are outlining the risks that are associated with adapting technology into your practice, patient accountability, and the creation of specialized teams so that you are still able to receive your compensation.
