Moving to a value-based payment model requires changes in organizational culture, staffing, workflows and processes, according to Open Minds advisory board member Ken Carr.
During a seminar at the 2018 Open Minds Management Best Practices Institute, Aug. 14 to Aug. 17 in Long Beach, Calif., Mr. Carr shared three steps for executive teams preparing for value-based payment:
1. Integrate the plan into strategy. Incorporate initiatives geared toward value-based reimbursement into the overall strategic plan. In particular, focus on building trust with payers, improving revenue cycle effectiveness and implementing technology to create a data-driven culture.
2. Assess and onboard the right talent. Under a value-based reimbursement business model, team members should master customer service, engagement, motivation and technology skills. Through inbound marketing, organizations can attract, engage convert and track the best talent.
3. Focus on strategy execution. To move forward with value-based reimbursement, executive teams must first ensure staff members understand how their individual roles create value for consumers, payers and the organization. It's also important to ensure the plan has implementation details, such as what resources are necessary, where they'll be obtained and how they'll be handled. While executing the plan, continuously monitor metrics to determine whether the organization is achieving goals in the expected timeframe.