About seven years ago, the Healthcare Financial Management Association (HFMA) began something it called its “Value Project,” a detailed and phased study designed to help guide the healthcare industry’s transition from a volume-based payment system to a payment system based on value delivered.
And as a long-time healthcare administrator—now focused on healthcare IT— I feel I need to put in my two-cents worth. First, HFMA has it exactly right. And second, what are we waiting for, we have the tools now? HFMA’s 4 key points for building value and driving capabilities are detailed below— along with more of my “two-cents.”
1. People & Culture—The ability to instill a culture of collaboration, creativity and accountability.
This is not as hard as it may sound. I’ve lectured to physicians and administrators saying that the best way to achieve goals like these is to make everyone feel like they can be a part of making things happen. Make everyone a meaningful part of making the differences you seek. Use the hundreds of years of collective experience your employees have to drive performance. Get everyone talking within departments and across departments. We all like to be able to point to a major accomplishment and say that WE had a part in making that happen. Make central access to consolidated data available as appropriate and keep everyone involved as the organization moves forward. P&C DONE!
2. Business Intelligence—The ability to collect, analyze and connect accurate quality and financial data to support organizational decision-making.
What if you could access, aggregate, integrate, normalize, analyze and exchange clinical, financial and operational data on a timely basis from across the continuum of care? Well, you can. And you don’t need to wait for anyone to tell you what data interoperability is or that it’s coming soon to an EHR near you. All the data you need can be made available and strategically usable right now.
3. Performance Improvement—The ability to use data to reduce variability in clinical processes and improve the delivery, cost effectiveness and outcomes of care.
What if you could analyze, visualize and slice and dice all the data you need—and then share the results and your insights with everyone in the continuum of care who needs them. You can do that too—PI DONE!
4. Contract & Risk Management—The ability to develop and manage effective care networks and predict and manage different forms of patient-related risk.
What if you could tap into the cost and quality data you need to access risk and negotiate better partner and payer contracts anytime and from anywhere? What if you could share it through your own HIE and involve all those who need to be involved? You can—C&RM DONE!
Click here to see how you can get all of the DONEs—Done!