The New Jersey Hospital Association is in the process of expanding its pilot program for "gainsharing," a system that aligns Medicare payments to help hospitals and physicians work together, according to Healthcare Finance News.
Hospitals and physicians who were part of NJHA's program were allowed to share in any savings if they successfully reduced costs and met federal quality standards, according to the report. CentraState Medical Center in Freehold attested to saving $2.2 million over three years.
CMS initiated the pilot programs at 12 hospitals in 2009 and has expanded to 30 hospitals and health systems representing 33 hospitals statewide. The program was a test of bundled payments' ability to improve care and lower Medicare expenditures.
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Hospitals and physicians who were part of NJHA's program were allowed to share in any savings if they successfully reduced costs and met federal quality standards, according to the report. CentraState Medical Center in Freehold attested to saving $2.2 million over three years.
CMS initiated the pilot programs at 12 hospitals in 2009 and has expanded to 30 hospitals and health systems representing 33 hospitals statewide. The program was a test of bundled payments' ability to improve care and lower Medicare expenditures.
More Articles on Coding, Billing and Collections:
NYU Langone Medical Center Selects Accenture for ICD-10 Switch
Kareo Launches Free EMR Software For Improved Billing, Patient Interaction
Medicaid Expansion: A State-by-State Layout