An ACO (Accountable Care Organization) works for the better care of patients. Consider it as a group that combines hospitals, doctors, and other healthcare specialists for the sake of providing healthcare and is a team in care decisions. They aim to improve your health by ensuring that you get custom care according to your needs while cutting costs.
In addition, clear and transparent reporting emphasizes trust among patients, providers, and stakeholders for high-quality outcomes.
ACOs report on multiple quality measures for the effectiveness of care quality. For instance, patient and caregiver experience, care coordination, and patient safety.
Patient satisfaction level and their experiences are necessary components. So, under the umbrella of ACO reporting services, surveys are conducted with the help of a tool named CAHPS (Consumer Assessment of Healthcare Providers and Systems) to collect data regarding patient experiences which also point out the areas where improvement is required for physicians.
ACOs do not restrict themselves to certain defined goals instead, they take a holistic approach focusing on overall patient outcomes, cost efficiency, and quality of care. This becomes a specific reason for comprehensible improvements in patient care.
By examining doctors’ performance, ACOs identify strengths and weaknesses in the service of healthcare delivery. It does not restrict itself to temporary or timely reporting only but fosters continuous quality improvement.
ACOS must adhere to rules set forth by government bodies such as CMS (Centers for Medicare and Medicaid Services). Complying with all these regulations helps in avoiding penalties.
ACOs participation in MSSP (Medicare Shared Savings Program) is mandated to report measures for doctors regarding their services through QPP (Quality Payment Program). Moreover, it incorporates CMS WEB Interface, a reporting tool for managing the data and easily tracking performance.
According to federal laws, 4 major points are required to be part of ACO.
CMS has announced that about 19 new ACOs will participate in the Medicare shared savings program in 2024 which is benefitting ACOs to obtain over $20 million in AIPs (Advanced investment payments) to provide care for marginalized populations.
The shared savings program, a permanent ACO program, and the ACO REACH Model have been introduced to boost the care for those individuals who are in rural areas. These initiatives enhance the quality of care for individuals with traditional Medicare.
There is a 3% rise from 2023 and about 13.7 million people in 2024 along with Traditional Medicare associated with an ACO.
The revenue cycle process revolves around managing the patient billing system efficiently and maximizing revenue. Therefore, P3Care assists ACOs in the said operations minimizing the hefty burden of administrative tasks. So that they can focus on the quality of care by constant monitoring.
P3 Care encourages ACOs to streamline their operations which ultimately maximizes their reimbursement. Alongside, this holistic approach ensures that patient requirements and preferences remain paramount for providing quality care.
