04 May Value-Based Payments in Behavioral Healthcare
Behavioral healthcare is changing. Focus is shifting away from traditional fee-for-service (FFS) systems to value-based payments (VBP). These new payment methods link reimbursements with improved performance and outcomes. They are designed to hold providers accountable for the quality of care they provide to their clients. Many state Medicaid programs already implement value-based care initiatives, and private insurance companies are likely to follow suit.
Are You Prepared?
Behavioral healthcare providers may ask themselves if their organization is ready to meet this challenge head-on. What infrastructure is in place to measure benchmarks and document clinical outcomes? Can billing systems handle several Alternative Payment Models? Responding to VBP models requires investment in new technology. Electronic Health Records (EHRs) and teletherapy are essential tools in the world of value-based payments.
Now is the Time
Alternative Payment Models steeply impact the revenue cycle. Understanding the effects of value-based payments will help clinicians prosper later on. Organizations that wait until the eleventh hour may find themselves scrambling to force out-of-date systems to work with new payment models, like trying to fit a square peg in a round hole. However, upgrading systems now means clinics are ready for the changing payment models to come. Clinical staff who keep up with current trends will be ready to face VBP when it inevitably reaches the behavioral health sector.
We’ve seen the shift happen in general healthcare, and it is already beginning to enter the behavioral healthcare market. If you want your organization to thrive, now is the time to start thinking about value-based care. Arm yourself with actionable thought leadership. Download our exclusive guide, Value-Based Payments in Behavioral Healthcare now.