Change is coming. Policymakers are modeling value-based demonstration projects impacting Provider reimbursement to improve quality versus cost of care. This transition to Alternative Payment Models will restructure payments in a way that financially incents low-cost, high-value care. That’s why conferences, advisors, and industry thought leaders are all urging Human Service Providers to get prepared for Alternative Payment Models now by being able to tell your organization’s specific story, or value, supported by data.
How to Prepare
A successful transition will require Providers to prove that they achieved better outcomes at lower costs. The most effective way to tell that story to payers and consumers is through data. Everyone knows they need the data, but industry leaders who figure out how to transform their organizations from “working ON the data” to “working WITH the data” will be the winners in the new paradigm.
When the manual hours of pulling data, organizing data, creating reports/dashboards/scorecards and responding to requests for information are transformed into automation, analyzing and operationally changing how data is used and shared through the organization…that’s when you shift from surviving to thriving.
Using a BI/Analytics Platform to Tell Your Story
A BI/Analytics platform, that includes cost accounting, is the enabling technology for the transition noted above. The body of proof you present comes from knowing and understanding costs of services, Quality KPIs, and Outcomes.
Most providers create spreadsheets, internal reports, and homegrown dashboards, but that’s time consuming! Furthermore, it isolates you and your data, doesn’t deliver analytics, and can’t provide the added insights of comparative data and best practices that come with participation in a cloud hosted industry solution.
Next Steps
Alternative Payment Methodologies are right around the corner. By partnering with The BI Collaborative, you can have Cost Accounting, Incident Management and other quality metrics in cloud hosted interactive dashboards with analytics and detailed reporting implemented and operational in as little as 10 weeks. To hear how we do it, self-schedule a 30-minute discussion here.
