Do you know what is your homecare business value proposition? If not, you should begin to identify what sets your homecare business apart from the rest and what value your agency brings to an Accountable Care Organization (ACO) group. In addtion to stating your value and why an ACO should select your homecare business; you need to provide your patient outcome results.
Part of the future of homecare is to become a member of an ACO group as well as review the opportunities of bundling and integrated care models. There is to be expected innovations in both care and contract models that have legal considerations.
We all know that under healthcare reform, significant cuts in Medicare reimbursements have already begun and there will be additional cuts equaling billions of dollars over the next 10 years. This flux in the homecare industry means that your current business model needs to change in the new world of financial relationships and care delivery models.
Accountable Care Organizations (ACOs) will be one of the most significant forces reshaping the homecare industry – and the positioning to be in an ACO is underway.
Under the new Medicare Shared Savings Program the first 27 ACOs will serve an estimated 375,000 beneficiaries in 18 States. This brings the total number of organizations participating on April 1st to 65, including the 32 Pioneer Model ACOs that were announced last December, and 6 Physician Group Practice Transition organizations that started in Jan 2011. In addition CMS is currently reviewing more than 150 applications from ACOs seeking to enter the program in July.
In all, more than 1.1 million beneficiaries are already receiving care from providers participating in Medicare shared savings initiatives and they are being added in increments of 5,000 individuals at a time! The selected ACOs also include more than 10,000 physicians, 10 hospitals, and 13 smaller physician-driven organizations in both urban and rural areas.
How has your agency responded to the challenge?