Vendors that fail to innovate on this front are being viewed as deadwood and CFOs are about to pick up their axes.
AMERICAN FORK, Utah (PRWEB) June 22, 2015
A new study shows healthcare systems are moving toward the growing number of value-based payment models. While some have already adopted a solution, the majority said they have not yet begun the process but will do so in the future. Critical access hospitals are among those not planning to implement alternative payment models due to their size.
Specifically, healthcare providers are asking for help in implementing these new models. Only 35% percent have contracted with vendors thus far and The Advisory Board is leading the pack in market share. Truven Health Analytics, MedAssets and The Advisory Board have the greatest mind share among providers planning to adopt in the future.
Also in the report, as major providers move into the uncertain world of value-based reimbursements, they will be turning to capital spend reductions as a way to insulate against the unknown. Particularly, they will be focusing on items such as the ROI received from third party IT solutions, and the potential of outsourcing certain parts of revenue cycle management.
“Healthcare is being pushed to a 90% adoption rate of value-based reimbursements by the end of the decade,” said peer60 CEO Jeremy Bikman. “Our research indicates that as providers transition to this new world, vendors that fail to innovate on this front are being viewed as deadwood and CFOs are about to pick up their axes.”
Healthcare providers also identified issues that need to be addressed to improve overall Revenue Cycle Management. The most prominent issue was (not surprisingly) ICD-10, but other issues, such as improving the patient experience were important as well.
Alternative payment solution vendors that are specifically listed in the report include, but are not limited to:
- The Advisory Board
- Truven Health Analytics
- Verisk Health
- Phytel (IBM)
The full report is available at no cost to the public and can be downloaded here: http://bit.ly/1MSVtpF
About These Reports
Peer60 publishes reports on the healthcare industry every four to five weeks as a public service. These reports are available at no cost. If you would like to suggest a topic for a future peer60 report, email peer60 Vice President Tyler G. Page at tpage(at)peer60(dot)com.
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