Seismic shifts in reimbursement pressure orthopedic practices to adapt. Comprehensive, integrated data and analytics can help your practice successfully manage the different payment models and advance towards value-based care.
Three types of payment models:
- BPCI: Bundled Payments for Care Improvements
- BPCI-A: Bundled Payments for Care Improvements Advanced
- CMMI: Center for Medicare and Medicaid Innovation
Data aggregation and analysis are central to improve efficiency, optimize revenue, and reduce cost—whether your reimbursement model is fee-for-service or value-based.
How do you define and present your analytics?
Before you review your data, determine the type of analytics you have and what you can use. When you share the data, present the information in a way that your stakeholders can easily digest it at a glance and understand the relevance.
Three factors to boost relevance in your data analytic presentation:
- Descriptive: What has happened?
- Predictive: What could happen?
- Prescriptive: What should we do to make this happen?
What can you do to manage data effectively?
Data analytics offer the clearest means to demonstrate outcomes within the evolving value-based payment model. It’s vital to have a firm understanding of your data and have insights into your patient population, as well as cost factors. This knowledge is essential before your practice moves full-throttle into value-based care.The key is to make the data work for you. Select specific use cases that currently impact the bottom line of your practice and don’t waste time measuring areas where you cannot change.
Practical advice to overcome challenges
The lessons that practices have learned from deep dives into data analytics yielded three significant recommendations to consider:
- Find a partner to help you with every step
- Don’t reinvent the wheel—use a proven solution
- Apply the knowledge, don’t strategize about it
Useful takeaways to separate the signals from the noise
- Understand the issues and solutions you need to address to improve your practice
- Have easy access to your analytics
- Tackle one problem at a time
- Know that how you present the data analytics to stakeholders will determine whether you reach the desired outcome
Learn more how you can prepare your reimbursement model for value-based care. Molly Van Oordt, specialty director of musculoskeletal and urgent care, NextGen Healthcare and Karen Clark, chief information officer, OrthoTennessee share their experiences that will help you thrive and move your practice forward.