By Karen Matthias, MBA, RN, Vice President, Sales and Marketing
If you’re a Healthcare Financial Management Association (HFMA) member, then you’ve probably already heard of the HFMA Value Project. This initiative partners healthcare finance leaders with clinical providers to identify ways to bring value to healthcare delivery. Led by 17 hospitals and health systems, the ongoing Value Project offers webinars, white papers, and other tools for value-oriented providers looking for ways to define and deliver value in their institutions. All of these tools are available through the website.
The discussion of value-based healthcare is relatively new, driven in large part by the Affordable Care Act, which is forcing healthcare systems to focus on the quality and cost-effectiveness of the care they deliver. Payment for healthcare services, which formerly was based on volume, now is shifting toward payment based on value. Payers and patients expect good outcomes from the care they receive. In other words, they want value for the dollars they spend on healthcare.
HFMA’s Value Project is designed to help organizations prepare for a value-based healthcare system. HFMA has identified four capabilities that organizations should develop to prepare for a value-based healthcare system. These include:
- People and culture: The ability to instill a culture of collaboration, creativity, and accountability.
- Business intelligence: The ability to collect, analyze, and connect accurate quality and financial data to support organizational decision making.
- Performance improvement: The ability to use data to reduce variability in clinical processes and improve the delivery, cost-effectiveness, and outcomes of care.
- Contract and risk management: The ability to develop and manage effective care networks and predict and manage different forms of patient-related risk.
These capabilities go hand-in-hand with evidence-based value analysis, a way to assess and compare the clinical value as well as the operational and financial impact of new and existing health technologies. At Hayes, we’re particularly interested in assisting providers to analyze the data, especially evidence of clinical effectiveness and safety, so that patient outcomes and operational efficiencies improve.
How well does your institution incorporate evidence into your purchasing decisions? If this approach is new to you, then the Value Project might be a good place to start.