Do you remember March 5, 2020?
In many ways, it was a lifetime ago. A pretty ordinary work day in my life and a normal school day for my kids. NBA, NHL and college basketball seasons were full steam ahead. Among the top news stories that day –
- Elizabeth Warren, once a front-runner, will drop out of presidential race
- In a rare rebuke, Chief Justice Roberts slams Schumer for ‘threatening’ comments
- Mike Bloomberg drops out of the 2020 presidential race
- Katy Perry announces pregnancy in ‘Never Worn White’ music video
- Dixie Chicks announce first album in 14 years
The coronavirus was in the news but it didn’t yet dominate American headlines. It would be nearly two full weeks before San Francisco and other Bay area cities ordered its residents to shelter-in-place.
Given all that happened in the few weeks following March 5, chances are you missed Geneia’s newest white paper, How a Phased Approach to Value-Based Care Works: For Health Plans, Hospitals and their Value-Based Partners.
Much has changed since March 5th.
Just to name a few things, we have a new vocabulary that includes “flatten the curve” and “social distancing.” Many of us have learned to work and school from home. Physicians and nurses have been called to the frontlines of the fight to save COVID-19 patients, and far too many, have given their lives to the virus. Others have seen their livelihoods evaporate overnight.
Some things haven’t changed.
Physicians, who have long struggled to wholeheartedly embrace value-based care, still have reservations. A Change Healthcare survey conducted in the fall of 2019 found:
- Nearly half (43 percent) of providers derive less than 10 percent of their revenues from a value-based care model.
- Another 29 percent get 10 – 24 percent of revenues from value-based care
- In total, an overwhelming majority (84 percent) of providers say value-based care is the source of less than half of revenues.
Provider engagement, according to a HealthEdge Voice of the Market survey of 151 health plan executives, is the biggest barrier to value-based care implementation and success.
That’s why more health plans are choosing a phased approach to value-based care and population health management, one that often begins with physician and clinician engagement. After all, physicians are the heart of healthcare delivery, and health plans, health systems and hospitals that are succeeding in value-based care have engaged and activated their network of providers.
In our newest white paper, How a Phased Approach to Value-Based Care Works: For Health Plans, Hospitals and their Value-Based Partners, we detail five examples of healthcare organizations using a phased approach: two health plans, one hospital, one health system and one third party administrator.