Value-Based Payments and the Transition to ICD-10
Written by Gregory M. Adams, FHFMA
Monday, 10 November 2014 00:00
Those of you who are listeners of our weekly Talk-Ten-Tuesday Internet broadcasts may have heard my “Follow the Money” segment and my comments on the financial implications regarding the implementation of ICD-10.
Recently I gave some general statistics on the growth in value-based payments (VBP) and how both the federal government and commercial payers are quickly moving larger and larger portions of provider payments onto some type of VBP. Well, here are some more points to consider.
According to the group Catalyst for Payment Reform, of the value-based payment models in action, 53 percent of commercial payer VBPs put providers at some financial riskif they fail to contain costs or improve care.
However, on the flip side, many value-based payments still fall into the category of pay-for-performance, which offers providers only potential financial rewards and no risk. I believe that the progression of VBPs will move quickly away from this model into models that will penalize providers for poor quality.
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