On January 30, three corporate tycoons — Amazon, JPMorgan Chase & Co., and Berkshire Hathaway — announced that they were joining forces to create an independent healthcare company for their employees, with the goal of providing more transparency at a lower cost.
Healthcare isn’t like most other things where you get the best by paying the most. In Fact, in most cases quite the opposite is true. Use this infographic to distinguish the difference between expert doctors and averages doctors.
As the current debate around healthcare reform in the United States intensifies, consumers are making it clear that they want to be involved participants in their healthcare. One key focus of this push has been the demand for transparency in pricing within the healthcare industry. While there have been many strides in answering this call…
Bundled payments are becoming all the more popular and with good reason. Also known as the episodic payment model or package payments, bundled payments are great for patients, health insurance companies, and healthcare providers alike. Such all-around wins are hard to find, but bundled payments are a perfect example of such.
Supply chains in healthcare are now starting to feel the full impact of the paradigm shift between fee-for-service/product and value-based payments. On the whole, the healthcare industry is seeing a seismic shakeup in the way goods and services are provided. Now, the value-based model, already popular among doctors and patients, is making its impact felt on suppliers as well. As a result, healthcare reform is speeding ahead with supply chain management taking center stage.
Healthcare bundled payments is a payment model that addresses reimbursement between payers and providers per episode of care rather than for a particular medical service, like the ever-popular fee-for-service model. The goal of using this particular payment method is to transition healthcare providers from a fee-for-service model to a value-based medical care model. This reduces some of the financial strain for both patients and providers and helps elevate the quality of care that patients receive.
Healthcare bundled payments are part of the debate over healthcare reform in the United States. It’s a popular alternative payment model that providers can take advantage of today to provide an increase in quality of care and healthcare cost savings.
In the new era of healthcare reform, providers and payers must manage a delicate balance between financial responsibility and increasing positive patient outcomes. The shift towards a value-based care model is a reflection of this movement. Standing somewhat in opposition to value-based care is the fee-for-service reimbursement model, which is often criticized for allowing for overtreatment and misuse of resources.
Many healthcare providers are now looking to implement bundled payment strategies. Bundled payments are often seen as middle ground between fee-for-service and the outcome based models that are now shaking up the healthcare industry. Many healthcare organizations not ready to make the full leap into outcome-driven models are turning to bundled payment strategies as an alternate solution.
Uncertainty in the healthcare industry, market changes, and complicated legislation make it difficult for companies and providers to offer stellar health insurance plans. Amidst this uncertainty, medical care providers need to put together offers that will attract these new consumers that are looking for affordable and reliable healthcare.