If you’re not planning on retiring in the foreseeable near future, then it’s definitely time to embrace “real-time management.” In order to embrace real-time management, you’ll need real-time data to steer expected outcomes. Why is it so critical now? Because Value-Based Purchasing, will be rewarded at the acute level of care. This does not mean simply just purchasing in large quantities for a better price, but real value whereas quality OUTCOMES provided in the most efficient and cost effective manner.
Care provided in the next fiscal year will set standards for payment at higher levels beginning October 2013. By basing rates on the hospital’s performance in the preceding year for certain quality measures, or improvement during the performance period for a fiscal year, the higher the hospital’s value-based incentive payments will be.
This trend of pay for performance will require specific diligence in managing and correcting variance. A task that cannot be done without dedicated performance improvement monitoring and carry through. Although it begins at the acute care level, every level of care will be raised to a higher standard because of this base year activity.
Further evidence of this was just announced June 5th:
The Centers for Medicare & Medicaid Services (CMS) today announced a new data and information initiative that will be a key tool in the agency’s evolution from a fee-for-service based payer to a value-based purchaser of care.
The data and information initiative will be administered through a new Office of Information Products and Data Analytics (OIPDA) that will oversee CMS’s comprehensive portfolio of data and information. Under OIPDA, the development, management, use and dissemination of data and information resources will become one of CMS’s core functions. Ensuring the privacy and security of personal health information remains a top priority as OIPDA improves access to, and use of, CMS data and information resources. With timely, relevant data, CMS and its partners will be better able to define and reward high quality, low cost care.
Post acute care providers are just being primed with enhanced quality monitors and debate on given payment modeling. Become familiar with high volume, problem prone practices and be serious leaders of change. The future demands real-time monitoring and management toward correction of variance so that more outcomes are predictable and specifically driven; facility value will depend on it!