The focus on value-based service is now more than ever. Medical practices cannot ignore the importance of keeping a check on the quality and cost alongside.
Payment incentive programs like QPP MIPS are some of the examples that reward clinicians on quality parameters. So, in this article, we will discuss why you should consider ACO reporting to CMS (Centers for Medicare and Medicare Services).
Let’s start by briefly explaining what ACO is.
What is ACO (Accountable Care Organization)?
ACOs, in simple terms, including a wide network of clinicians, hospitals, and other health care providers who provide coordinated high-quality services to their Medicare patients.
The idea is to enable patients, especially chronically ill patients the best care services with minimum chances of poor quality. A joint alliance of all stakeholders benefits patients and physicians alike. Patients do not have to worry about duplicate treatments, careless medical errors, and expensive procedures that are all over the place.
On the other hand, this fee-for-service payment model is also a bright opportunity for clinicians to leverage finances. A general perception about the Quality Payment Program (QPP) is that the value-based care services add to the expenses. Therefore, this program is striving to change the narrative that value-based healthcare does not have to be expensive.
ACO Specializes in Catering to Chronic Diseases
ACO reporting presents your expertise while cutting down on the major expenses and collaborating on the resource fronts. This payment model revolves around managing and preventing chronic diseases. Yes! Physicians ultimately receive shared collections, but the patient remains the winner.
The reporting process might be troublesome for many. Don’t worry! You can cater to the administrative challenges via a MIPS Qualified Registry. They can help with meeting performance thresholds and successful data submission.
If you are still doubtful about why you should join ACO and why you should go ahead with its reporting to the CMS, we can help you. Keep going!
Expand Your Financial Budget
An ACO allows physicians to provide the best of service to patients. They keep patients out of the hospitals through preventive care methods. So, technically, ACO saves on many fronts and helps gain savings, healthcare outcomes, and much more.
Improve Your Service Reputation
The focus of ACOs is to maintain value service for patients. If even they can’t do it, they cannot achieve high performance and rewards. One thing is certain if physicians perform well, they have a chance to streamline their finances at a better place.
Increase Collaboration with High Resources
An ACO allows its members to provide quality care in a coordinated environment. Such a network presents opportunities for shared resources, risk, and tools. It leads towards a progressive healthcare system where all stakeholders assist each other in treatment strategies.
Empower Your Operations
ACO’s empower physicians just like QPP MIPS. A team is in full control of the procedures, tests, and resources that are deemed necessary. There is no interference from any third party like an insurance plan. So, in simple words, physicians are in charge of the best practices instead of solely focusing on the health insurance benefits.
Promote Interoperability for Your Medical Practice
Sometimes, clinicians do not focus on promoting interoperability because they are so caught up with patients. However, adopting modern technology is a big bonus when you want to receive rewards.
Moreover, it also helps with scoring more in QPP MIPS reporting. It is one of the factors that can guarantee 25% of the total MIPS score. So, focusing on promoting interoperability is a great outcome that comes with ACO reporting.
Moreover, ACO members track compliance issues, generate cost-effective solutions, and meet performance standards in a group setting.
ACO reporting is the solution to many of your problems. It offers a system where cost-effectivity remains the number one priority. So, clinicians and other healthcare providers must join an ACO to enjoy unlimited benefits in the long run.
Read more: CMS Proposed Changes for ACO Reporting 2021