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President Joe Biden is quickly launching his health roadmap, starting with addressing the pandemic. He has also stated that during his term, he intends to dip into qualifying for Medicare and Medicaid, unexpected billing, prescription costs, value-based treatment, and more.
The bulk of the job will be handled by the regulation of HHS and CMS, which means that in 2021, providers are in for a range of regulatory shifts that are expected to have a major effect on operations. Policies that influence current value-based pricing mechanisms and potential chances for the new administration and vendors themselves to move away from fee-for-service are likely to be shared priorities.
During the health crisis, the fact fee-for-service was not the perfect healthcare funding model was revealed. Along with neighborhoods shutting down, many providers were forced to do the same, resulting in income declines of fifty percent and more. Value-based contract providers were better able to cope with the drop in patient numbers and build new, even original, pathways of treatment, telehealth, for instance.
Value-based arrangements do not depend on the number of people served or facilities delivered, ensuring that even though volumes might be minimal or hospitals moved to virtual treatment methods, providers still get their reimbursements.
Leaders are liable to take a greater interest in value-based contracts and the versatility they provide to create stronger organizations going forward. With the introduction of novel value-based pricing frameworks for suppliers to try, the existing administration will likely provide full support.
This update is provided by CareOptimize. We provide healthcare management consulting services and products, managed care solutions, value-based expertise, Nextgen EHR utilities, MIPS consulting, and more. CareOptimize has helped numerous healthcare organizations succeed for more than a decade. For more information, please call 855.937.8475.