Use your existing data and systems to build metrics for the clinical side of your business.
There is a lot being said about the transition to outcomes-driven care. This concept of getting paid for “taking care” of a patient rather than the pieces of equipment makes good sense and we tend to unite on the understanding that better quality care is a great thing! But what does that even mean? Outcome of what? For who?
Whew. That gets deep, quick! So let’s “eat the elephant.”
We challenged the Lab Tactical team to share 3 things you can do right now when evaluating your current business with an outcomes-based lens:
- Replace the word “outcome” with “value” as you lead your business into the future.
There is always a correlation between your organization’s care delivery methods and your profitability. A value-based clinical model is one that aligns clinical and revenue data as the metrics used to demonstrate value to the players involved: provider, patient, and payer. Focus on basic formulas with results that can be easily communicated internally and to referral sources, like these:
- How many patients do we on-board each month for each line of service?
- By service type, how many patients are deemed ‘compliant’ beyond the payer-defined period? (ex: 90-day Sleep Compliance)
- After 180 days of service, how do we currently understand the patient experience?
- Treat compliance criteria like a YIELD sign in your billing process.
That yield sign pauses patients that haven’t met minimum criteria to maintain compliance to payer standards and allows those who have to move on. Documented communication and attention to detail will allow you to not only avoid payment interruption, but also increase the quality of your patient on-boarding experience.
- Stop ignoring patient surveys.
Your physicians and payers are following up on the care you provide to your patients… are you? Analyzing that data tells you a lot about how your patients view your team and often reveals blind spots in communication or service. The best and most efficient systems involve a few different types of surveys with similar questions that gather information over time. Understanding the your patients approach their choices for care of the co-morbidities your organization treats will be vital to marketing and training strategies for your company.
Try it out these tips out… and let us know what’s working!
Need some extra help or have a burning question? We’re here, ask away!