The CMMI or the Centers for Medicare and Medicaid Innovation recently revealed to the world that it is prepared to take bundled payments to the next level. More people and insurers are warming up to the idea quite quickly, but Deirdre Baggot, VP of the Camden Group is sharing her opinion on this program. As the head of this prestigious healthcare consulting firm, her thoughts are worth paying attention to.
Sticking to Needs not Unnecessary Things
Committing to the procedures, tests, and medications that will be required is not always easy for physicians. They can provide estimates, but this is going to become a bigger issue since the bundled payment asks physicians to commit to a fixed price beforehand. This leaves little wiggle room, which is something Deirdre Baggot wants health care professionals to consider.
Volume Play is No More
It is worth pointing out that the market exclusivity perk that CMMI offered will no longer be available under the bundled payment program. This means Medicare will be discounted without taking incremental volume into account, which helps balance the risk the program takes. The risks involve the physicians Part B payments, readmission risks, and dealing with the gain sharing program. All of this could lead to a major financial problem should the bundle payment initiative fail to lower care costs.
Every health care office has been accustomed to certain things. These routines have been tested and perfected over the years, but the bundled payment initiative is bringing change. This change needs to be managed effectively because it will meet resistance and it may even disrupt things, which is when chaos might begin to boil. Individuals trained in change management will be vital in preventing errors as things change.
Understand True Accountability
The bundled payment initiative requires exacting accountability. This new way of doing things relies on evidence-based practices that will continue to be evaluated. It definitely puts physicians on their toes. The system is going to rely on feedback to ensure that these practices are followed and will weed out any practices that simply fail.
Bundling payments is different, and change always shakes things up. Still, being prepared and informed is the only way to come out on top.