Provide recommendations for strategies that will position hospitals for viabilty and future value creation with Value...

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Finance

Provide recommendations for strategies that will position hospitalsfor viabilty and future value creation with Value basedreimbursement models. What should hospitals do diferently toprepare for the future? How should the model of care change and howdoes this help creat value?

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In health care the days of business as usual are over Around the world every health care system is struggling with rising costs and uneven quality despite the hard work of wellintentioned welltrained clinicians Health care leaders and policy makers have tried countless incremental fixesattacking fraud reducing errors enforcing practice guidelines making patients better consumers implementing electronic medical recordsbut none have had much impact The transformation to valuebased health care is well under way Some organizations are still at the stage of pilots and initiatives in individual practice areas Other organizations such as the Cleveland Clinic and Germanys Schn Klinik have undertaken largescale changes involving multiple components of the value agenda The result has been striking improvements in outcomes and efficiency and growth in market share There is no longer any doubt about how to increase the value of care The question is which organizations will lead the way and how quickly can others follow The challenge of becoming a valuebased organization should not be underestimated given the entrenched interests and practices of many decades This transformation must come from within Only physicians and provider organizations can put in place the set of interdependent steps needed to improve value because ultimately value is determined by how medicine is practiced Yet every other stakeholder in the health care system has a role to play Patients health plans employers and suppliers can hasten the transformationand all will benefit greatly from doing so Five STEPS to prepare your practice for valuebased care Identify your patient population and opportunity Design the care model Partner for success Drive appropriate utilization Quantify impact and continuously improve STEP 1 Identify your patient population and opportunity Knowing your patients is the foundation of valuebased care Patient populations with the highest risk of hospitalization or high utilization of the emergency department ED tend to drive high health care costs and most often receive fragmented care These populations often include polychronic patients those with chronic and complex conditions with multiple comorbidities such as diabetes hypertension depression heart failure cancer kidney failure or chronic obstructive pulmonary disease Understanding which patients drive your highest cost of care and those who use the ED frequently will help you to identify your target population and opportunities for improvement Once you have this information you can begin to develop your model The American Medical Association AMA recognizes that the physician is best See Answer

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