Organizations cross four major “summits” to achieve the ACA’s Triple Aim of improving the patient experience, advancing population health and lowering the total cost of care, according to the Healthcare Care Financial Management Association (HFMA). Through its Value Project, HFMA worked with a diverse group of 35 hospitals and health systems to identify and detail four organizational capabilities for providers to adapt as the marketplace transforms to reward value. (“The Mountain Range of Healthcare Value,” HFMA Weekly News, December 18, 2014)
The four “summits” are:
- People and culture: The ability to collaborate, effectively manage change, communicate a value message and create accountability to value-driven goals
- Business intelligence: The ability to collect, analyze and connect quality and financial data to support organizational decision making
- Performance improvement: The ability to eliminate clinical variation, unsafe practices and waste
- Contract and risk management: The ability to predict and manage different forms of patient-related risk under different payment methodologies.
Specific strategies for each of these “summits” appear below.
People and Culture
- Determine strategy for achieving value
- Align executive leaders
- Strengthen governing board
- Integrate and incentivize physicians
- Strategically transition staff
- Develop a flexible culture
Business Intelligence
- Invest in clinical IT
- Invest in data warehouse and analytics
- Improve costing capabilities
- Track performance
Performance Improvement
- Develop process improvement capabilities
- Adopt evidence-based medicine
- Partner for population health management
- Engage patients and community
Contract & Risk Management
- Plan for value-based initiatives
- Understand your costs
- Mitigate insurance risks
- Pursue value-based payment contracts
Next week we will feature the specific tactics for each of these strategies.
To see the Value Project infographic on the four summits, please contact Carlin Lockee at clockee@iprotean.com for a copy.
iProtean subscribers, the new advanced Quality course, Board Mindsets to Drive Value, featuring Stephen Beeson, M.D., and Larry McEvoy, M.D. will be in your library soon. Dr. Beeson and Dr. McEvoy offer suggestions about working with physicians to build a different kind of organization where collaboration, innovation and change will become the norm.
For a complete list of iProtean courses, click here.
For more information about iProtean, click here.