Bundled Payment Solutions
Bundled Payment Solutions – Driving Patient Financial Experiences and Delivering Value
Blog
Bundled Payment Solutions – Driving Patient Financial Experiences and Delivering Value
The U.S government is already acting swiftly and strategically to make the new vaccine available to the hospitals and practices across the country.
B undled Payments are immensely altering the ways in which care is delivered. Bundled payments in healthcare is a patient-centric model that unlocks new potential—bringing value to patients whilst broadening their horizons. It additionally reduces cost, redefines provider strategies and elevates the overall patient care and Patient Experience (PX) to a whole new level.
The Bundled Payment model ensures that patients are provided with wider options and opportunities to choose the ideal care provider that best meets their unique and specific needs. The digital era of consumerism and patient-centric care has placed increased focus on value-based care and bundled payment models. Here’s why it is significant for care providers to adopt bundled payment strategies to improve patient engagement, loyalty and the overall patient care.
It is evident that patients are at the utmost advantage in the bundled payment model, whether it be in terms of gaining access to better quality care or more transparent pricing—while also broadening their options in choosing their care providers. However, this also presents a tremendous opportunity for providers to break through the clutter and offer a significant value to their healthcare consumers.
Leading health systems have started to realize the cutting-edge advantages of adopting the model in terms of increased reimbursement rates, reduced competition and improved Patient Experience (PX) and Patient Satisfaction Index (PSI). Integrating bundled payment solutions offer a clear-cut advantage over the Fee for Service (FFS) by accelerating health outcomes, elevating trust and driving brand loyal consumers.
This is especially crucial at a time when President-elect (Joe) Biden recently campaigned strongly to refine the Affordable care Act (ACA) with innovative and patient-centric strategies—well-orchestrated ostensibly under ‘BidenCare’. In the face of the Public Health Emergency (PHE), the Centers for Medicare & Medicaid Services (CMS) has also announced refined bundled payment protocols and incentives that further enable hospitals and surgeons to have more streamlined, cohesive and efficient care pathways—to flatten the curve, and to drive better outcomes.
It’s essential that providers adopt bundled payment solutions, immaterial of the size of an organization. Capitation is no more the ideal strategy. In the era of value-based care, legacy solutions and payment strategies restrict consumer choice and limits providers’ accountability for health outcomes.
There is still a long way to go in terms of the adoption of bundled payment strategies, but there has been a significantly transformative journey over the past few years. Healthcare systems are increasingly recognizing that bundled payments are the primary option to implement value-based payment model, and this is the right time to integrate the strategy for better delivery of care.
From our humble beginnings as a healthcare start-up—to becoming a full-blown healthcare-exclusive technology solutions provider, our journey has been quite a remarkable one. Today, SolvEdge is a leading-edge Healthcare IT service provider—trusted by 450+ Hospitals, 3500+ Physicians and millions of patient across the globe.Our key offerings - RippleCare, JoinDr. are conceived with passion—by a highly qualified resource team of experienced technologists, PhDs, doctors and other domain experts, who work together to deliver best-in-class solutions.
To learn more about SolvEdge’s Bundled payment solutions or to get your free and personalized ROI report and consulting on our top-rated revenue management and bundled payment solutions talk to our team.
From our humble beginnings as a healthcare start-up—to becoming a full-blown healthcare-exclusive digital transformation provider, our journey has been quite a remarkable one. Today, SolvEdge is a leading-edge Healthcare services and solutions provider—trusted by 450+ Hospitals, 3500+ Physicians and millions of patients across the globe.