A host of new surveys released to coincide with Healthcare Financial Management Association's 2014 Annual National Institute (HFMA ANI), confirms that most hospitals, health systems and large physician groups expect the transition to value-based care to have an adverse impact on profitability. Notwithstanding survey predictions, Conifer Health Solutions advised HFMA ANI attendees that reductions in profits are avoidable if they collaborate with single-source partners capable of delivering comprehensive solutions to support every phase of healthcare transformation.
"The successful transition from fee-for-service to fee-for-value requires a simultaneous focus on operational fundamentals and data-driven, long-range planning. Choosing an experienced, single-source partner to support your organization's transition means more accountability, that key objectives are clearly managed and that progress and results are measured," said Stephen Mooney, president and CEO of Conifer Health Solutions.
In addition to the shift to value-based care, Conifer Health experts were on hand at HFMA ANI to discuss financial management services that increase yield and enhance the patient experience. "In the short term, the priority should be revenue management services that accelerate the influx of cash to support the existing fee-for-service model," said Mooney. "At the same time, finance leaders should vet enterprise-wide strategies driven by analytics and business intelligence to build the foundation to take on complicated, risk-bearing payment models in the future." Mooney also observed that providers are examining methods to engage consumers to increase brand recognition and loyalty.
"Consumerism combined with population health management, clinical integration and business intelligence will drive future healthcare delivery," noted Mooney. "Partners that bring holistic solutions to support transformation, while incorporating consumer-oriented services, stand to gain the most going forward."
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