The importance of emphasizing value-based healthcare services cannot be underestimated. Medical practices must recognize the significance of monitoring both quality and cost.
Incentive programs such as QPP MIPS serve as examples of initiatives that reward clinicians based on quality measures. Consequently, this article will explore the reasons why you should contemplate ACO reporting to CMS (Centers for Medicare and Medicare Services).
Let’s commence by briefly elucidating what an ACO (Accountable Care Organization) entails.
What is an ACO (Accountable Care Organization)?
In simple terms, ACOs encompass a broad network of clinicians, hospitals, and other healthcare providers who collaborate to deliver well-coordinated, high-quality services to their Medicare patients.
The aim is to provide the best possible care to patients, particularly those with chronic illnesses, while minimizing instances of subpar quality. By forging an alliance among all stakeholders, patients and physicians reap mutual benefits. Patients no longer need to worry about redundant treatments, negligent medical errors, or exorbitant and scattered procedures.
Simultaneously, this fee-for-service payment model offers clinicians a promising opportunity to leverage their finances. It is commonly believed that value-based care services increase expenses. Thus, this program endeavors to reshape the narrative that value-based healthcare must necessarily be costly.
ACOs Specialize in Addressing Chronic Diseases
ACO reporting showcases your expertise while reducing significant expenses and facilitating resource collaboration. This payment model revolves around managing and preventing chronic diseases. Yes, physicians ultimately receive shared collections, but the true victor is the patient.
The reporting process may present challenges for many individuals. However, fret not! You can address the administrative hurdles by utilizing a MIPS Qualified Registry. These registries can assist you in meeting performance thresholds and successfully submitting data.
If you still harbor doubts regarding the benefits of joining an ACO or the importance of reporting to the CMS, we can provide assistance. Let’s delve deeper!
Expand Your Financial Resources
An ACO enables physicians to deliver exceptional services to their patients. By employing preventive care methods, they effectively keep patients out of hospitals. Therefore, ACOs generate savings and promote improved healthcare outcomes, among other advantages.
Enhance Your Service Reputation
ACOs prioritize providing high-value services to patients. Failure to do so precludes them from achieving high performance and receiving rewards. It is certain that if physicians perform well, they stand a chance to enhance their financial standing.
Increase Collaboration with Extensive Resources
ACOs allow their members to deliver quality care within a coordinated environment. This network presents opportunities for shared resources, risks, and tools. It fosters a progressive healthcare system where all stakeholders assist one another in devising treatment strategies.
Empower Your Operations
ACOs, much like QPP MIPS, empower physicians. A team assumes complete control over procedures, tests, and necessary resources. There is no interference from third parties such as insurance plans. In essence, physicians are in charge of implementing best practices rather than solely focusing on health insurance benefits.
Promote Interoperability in Your Medical Practice
At times, clinicians fail to prioritize promoting interoperability due to their busy schedules attending to patients. Nevertheless, embracing modern technology brings substantial benefits when it comes to receiving rewards.
Furthermore, it aids in achieving higher scores in QPP MIPS reporting. Interoperability constitutes a factor that guarantees 25% of the total MIPS score. Therefore, emphasizing the promotion of interoperability yields significant advantages associated with ACO reporting.
Furthermore, ACO members monitor compliance issues, generate cost-effective solutions, and meet performance standards within a group setting.
Conclusion
ACO reporting offers a solution to many of your challenges. It establishes a system where cost-effectiveness remains the top priority. Thus, clinicians and other healthcare providers should consider joining an ACO to enjoy a multitude of long-term benefits.
