2016 FMC Highlights: Value-Based Purchasing Payment Models Are Here, Now What? (Part 2 of 2)
July 25, 2016 12:35 PM
Among the many informative and insightful education sessions at the National Association for Home Care & Hospice’s (NAHC) 2016 Financial Management Conference was a session titled, “Value-Based Purchasing Payment Models Are Here, Now What?” This is Part 2 of NAHC Report’s coverage of this session; to view Part 1, click here.
The panel discussion was conducted by Mike Dordick, MBA, Executive Vice President at Principal McBee; Christine Lang, MBA, Senior Director of Product Management at ABILITY Network; Karen Vance, Managing Consultant at BKD, LLP; and Chris Attaya, Vice President of Business Intelligence with Strategic Healthcare Programs.
In addition to monitoring your data, another recommendation from the panelists was to prioritize: focus on which measures give you the biggest opportunity to improve. “It’s about which needle you can move the fastest,” Christine Lang said.
The panelists said that data accuracy is a major factor in improving performance. Monitoring performance is best achieved by creating dashboards and benchmarking. With dashboards it is critical to think about the target audience - how to convey data accurately for reporting purposes and determine the right frequency of reporting. Agencies should determine a reporting format and schedule, and aggregate measures for critical success within different areas. In benchmarking, agencies should select the most appropriate item for their goals and develop aggressive but achievable performance targets.
The panelists stressed two points about monitoring and managing performance. First, strive to positively influence outcomes by staying ahead--monitor in “real time” and embrace action plans. Second, determine the staff responsible for specific outcomes.
The panelists encouraged agency leaders to take action in identifying the measures of greatest financial impact and opportunity, and to take a hard look at technology systems for data management.
The slides from this session are available here.
If you have any questions about the conference or the education sessions, please contact Katharine Howard at NAHC: firstname.lastname@example.org.