How Many Physicians Understand Volume vs. Value-Based Compensation? The Answer Might Surprise You.
As the volume-to-value transition continues to make its way across the U.S., physicians have begun seeing increases in compensation derived from value-based care payment models. In fact, according to a recent survey from The Physicians Foundation, more than 47% of physicians reported reimbursements tied to “value-based metrics” such as patient satisfaction, use of electronic health records (EHR), and more. But in spite of nearly half of these physicians reporting pay tied to VBC, this same survey reports:
More than 13% of U.S. physicians do not know whether their compensation is tied to value-based care, or to volume-based incentives.
In 2015, the Department of Health & Human Services (HHS) set a goal of 50% implementation across the country by the end of 2018. The Physician Foundation’s survey provides some valuable insight into VBC implementation, showing the HHS may well be on the way to achieving its goal. The volume-to-value transition continues to gain momentum as private insurers like Aetna, UnitedHealth Group and Blue Cross Blue Shield quietly move to larger repayments based on value-based metrics, while Medicare is slated to hit a 90% value-based reimbursement rate by the end of 2018.
Earlier this year, the Health Financial Management Association (HFMA) surveyed 117 healthcare executives about the financial outcomes associated with value-based care. Of those 117 executives, nearly 75% of them cited positive outcomes. At the time, Healthcare Dive noted a few barriers that were anticipated to contribute to the delay of VBC growth such as lack of data and resources. However, with more adoption comes more data--which has confirmed the expected growth of value-based programs amongst private payers and CMS.
So, why do more than 13% of 9,000 surveyed physicians say they aren’t sure how they are being paid? With this major shift, shouldn’t physicians understand where their pay is coming from?
Despite the continued volume-to-value transition, health organizations and physicians alike continue to struggle with adopting this new model. With 13% of physicians being unsure of how they’re being compensated, more emphasis should be placed on transparency and understanding. Providing information to providers at the point of service allows them to make decisions about how to treat their patients, enabling quality and costs to be improved--and, in turn, creating improved outcomes. That’s where Boncura comes in.
At Boncura, we recognize the challenges and uncertainties that come with transitioning to value-based care models--but with the right tools and team by your side, it can be done. Discover our five top tips to transitioning to a value-based care program now, and learn how your business can take its next steps towards adopting a value-based model, while providing critical knowledge and expertise to every level of your organization. Have more questions? Contact us today.
About Boncura Health Solutions
Since 2011, Boncura Health Solutions has remained a dynamic organization aimed at improving patient outcomes, efficiently managing at-risk populations to reduce unnecessary healthcare costs, delivering services in a cost-effective manner, and providing unique and convenient ways for patients, providers, and clients to access key support services. Founded by physicians, Boncura’s expertise allows hospitals and health systems, independent physician groups, and accountable care organizations to provide value-based care through efficient and intelligent administrative and clinical services. Today, Boncura serves more than 7,000 physician providers and partners, managing upwards of 450,000 lives, and processing more than eight million claims annually.