Although alternative payment models or APMs are gradually gaining traction in the healthcare service payment scene, a major barrier to widespread implementation of APMs is restricted willingness from many healthcare providers to take financial risk. Accordingly, innovative digital health company, CareHive, has recently shared a post to guide health providers on the ways to reduce the risk of alternative payment models.
“Healthcare providers are mostly trained in the conventional fee-for-service model; every tool they have used in the traditional system was standardized to maximize performance in the system. We do understand that with APMs, you may have to make investments in IT practice transformation, which is both time and cost consuming. They fear that, in downside-risk models, if their care doesn’t meet quality standards, they might not make as much money. It’s these fears that are preventing them from opting for APMs. But our latest post describes how healthcare service providers can look past these risks now and willingly opt for modern alternative payment methods”, stated Dr. Ron Dixon, the CEO of CareHive. Dr. Dixon stressed that one answer to reduce the risk in APMs lies in partnering with healthcare continuum service companies to maintain the quality of healthcare. He said that a major goal of APM is to inspire innovation and collaboration in delivery of care. On one hand, healthcare providers can innovate internally to ensure a high level of value-based care, on another, they can also choose to outsource – especially navigation and connected care services.
“If a healthcare provider is concerned with losing money with the APM option, fearing decline in quality of healthcare, they can choose the partnership route now. Many providers are using partners to reengineer existing workflows or functions, for example with financial services, patient navigation, remote patient monitoring, chronic disease management, and so on.”
A series of tech-first start-ups has teamed up with risk-bearing entities to help them keep their patients healthy while receiving the lowest dose of essential healthcare. Among them, one of the most cutting-edge platforms is the unique hybrid navigation and telehealth service portal CareHive.
“At CareHive, we are more than just a telehealth company. We partner with healthcare providers and related professionals to support them with tech-enabled clinical navigation, telehealth services and connected care – from triage to resolution, 24/7. This way, we help healthcare providers to ensure that there is no decline in quality of healthcare even when they can’t be around patients around the clock. It eventually helps them to opt for APMs without the fear of revenue loss or a decline in care quality.”
For more information, please visit https://carehive.com/de-risking-alternative-payment-models-for-healthcare-providers
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Company Name: CareHive Health
Contact Person: Keith Munro
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Phone: (844) 951-CARE
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City: Austin
State: TX
Country: United States
Website: https://carehive.com/