In a new white paper, Regent Surgical Health asserts the time is now for health systems to move aggressively in the direction of value-based care, and suggests that those who hedge their bets may find themselves behind in building the robust ambulatory care platform they’ll need to succeed.
The paper, titled “Double Your Ambulatory Platform by 2020,” helps hospital leaders think through four key questions to deliver value-based care cost-effectively by doubling their ambulatory platform over the next four years.
- What is your managed care strategy?
The first step toward doubling your ambulatory care platform is to create a well-defined managed care strategy. For example, Trinity Health wants to generate 75% of revenue from value-based care. But it’s not a one-size-fits-all proposition. Hospital leaders should ask themselves what percentage of their revenue currently comes from value-based care, and how it is trending. Then they can proactively define their current position in the marketplace, and then outline a four-year reimbursement strategy.
- What are your current assets?
Once the strategy is in place, hospital systems can take a hard look at all assets in their marketplace, and then dig into the geography’s demographics to identify the highest potential growth markets. A leader in developing and managing hospital-ASC joint ventures, Regent helps its partners position themselves to gain business advantage by aligning hospital systems with physicians through development of specific service lines, such as orthopedics.
- What’s missing?
Following assessment of current assets and understanding of market needs, health systems can assemble the assortment of additional ambulatory assets and tools that fit. Regent CEO Chris Bishop suggests moving from the traditional “hub and spoke” relationship that health systems often have with outpatient resources to a more interconnected “spider web structure.” He says developing an ambulatory platform that features a variety of interconnected assets helps raise the utility and profitability of each resource, even beyond its own specific contribution to revenue. As an example, Bishop says including a strong urgent care brand within your “web” can drive new patients both to the hospital, and to your ASC.
- Can you execute?
With a solid strategy and a well-researched plan in place, the question becomes how best to execute: whether to partner with an established resource in the community or build from within. As a rule of thumb, Regent’s Bishop recommends taking a hard look at internal capabilities when making this decision. “To compete, you’re going to need a great ambulatory team, best in class,” he says. “If you’re not best in class at a particular specialty, don’t do it yourself. Get a partner with a track record of success in the space.”
Click here to download Regent’s white paper for more information on how to activate an ambulatory strategy and move your hospital or health system toward value-based care.