Are bundled payments right for your ASC? They very well might be. As the trend continues away from the fee-for-service model, bundled payment is the fastest growing payment type, with projected growth of 6 percent over the next 5 years. If projections by both hospitals and payers are correct this would place bundled payment at 17 percent of all medical payment types in five years. This is per research by ORC International and commissioned by McKesson.
“It’s clear that bundled payment is continuing its growth and for good reason,” says Regent’s Director of Bundled Payments & Corporate Compliance Officer Chris Stine. “As providers realize the value of the bundled payment for the population of patients that are more middle of the pack in both projected needs and costs, the shift continues towards value-based reimbursement, and bundled payments will continue along in tow.”
Currently, covered orthopedic and spine procedures include:
- Total Knee Replacement
- Total Hip Replacement
- Total Shoulder Replacement
- 1-2 Level Fusions
- Artificial Disc Replacement
The upside of success with bundled payments is significant, according to Stine. For ASCs that effectively manage expenses, the concept has the potential to drive patient volume through partnerships with both payers and self-insured businesses. Benefits of bundled payments include:
- Reduction in Unnecessary Surgeries – clinical protocols to ensure appropriateness of surgery, and steer appropriate patients to less costly alternatives
- Lower Cost – clinical pathways designed with patient to ensure appropriate patients are receiving care at the lowest cost site of service, and not receiving unnecessary or redundant care
- Reduced Readmissions – a technology-based care coordinated clinical pathway that facilitates communication across providers proven to increase compliance and reduce readmissions
- Care Coordinated Pathways – dedicated care navigators to manage the patient experience and education, and improve communication between providers and the patient
- Better Patient Experience – care coordinated pathways and technology-enabled communication platforms have been proven to improve patient satisfaction, increase patient compliance, and reduce readmissions
To learn more about Regent’s bundled payment strategy within the ASC marketplace, contact Chris Stine: 513-255-0478.