Physical therapists are now reaping rewards – in terms of profits and patient outcomes – by becoming involved in value-based network systems.
Value-based networks offer care that acts as an alternative for the traditional fee-for-service reimbursement services. The practitioners that are part of the value-based network focus on the quality of care of their patients, rather than the quantity – and often unnecessary – services for those patients.
As a physical therapist, you now have the ability to deliver high-quality care that is tailored to each of your patients to ensure that their rehabilitation is considered to be both efficient and effective. Here, you will learn about 4 simple strategies that will allow you to achieve success in a value-based network.
“The secret to the care of the patient is in caring for the patient….” – Harwich Nurses
Strategy #1: Research Providers Specializing in Alternative Payment Models (APMs)
The first strategy to reaping massive amounts of success in a value-based network is to research providers in and around your area that are now specializing in alternative payment models. It is quite likely that many of those providers are those that have already established relationships with your practice. This will aid in your transition into the network. Additionally, if you find that you work with providers that are still using the fee-for-services payment model, you may find that you are able to encourage them to join the value-based care movement that you are moving into.
Strategy #2: Focus on Quality over Quantity
Physical therapists typically do not overtreat patients or encourage patients to engage in treatments and services that are unnecessary; however, the traditional fee-for-service often pushed PTs in a corner to provide numerous services in order to reap high profits. A value-based network does not focus on this type of care. Instead, it pushes for patients to only receive treatments and services that are necessary for their well-being and rehabilitation. In order to transition into this successfully, you will need to focus on quality over quantity. Avoid pushing your practice to convert, 100%, overnight. Take it one patient or one contract at a time. It is then that you will experience the highest levels of success in the endeavor.
Strategy #3: Collaborate and Communicate with Other Practitioners
To achieve success in a value-based network, you should place a special emphasis on the collaboration and communication with other practitioners. When caring for a patient, communicate with the other medical providers caring for that patient in order to create a plan that will result in positive outcomes for that patient.
Strategy #4: Measure Outcomes
The final strategy to ensuring success in a value-based network is to measure the outcomes of your patients. This aids in identifying the value that the care is providing to those that you provide services. It is advised that you ensure that your practice integrates the use of an electronic medical record system and that your billing system is streamlined to collaborate with that EMR.
By following the strategies outlined in this guide, your physical therapy practice is sure to experience vast amounts of success in a value-based network.