Transitioning to Value-Based Care
Although risk-based care contracts have existed for many years, primary care doctors have been reluctant to embrace them. But with careful planning, these contracts can offer medical practices the flexibility and income they need to provide high-quality care while maintaining their independence.
Representatives of practices using value-based payment contracts discussed their benefits during a session on the second day of the Medical Group Management Association’s 2020 Medical Practice Excellence conference.
The revenue stream proved especially important during the early months of the COVID-19 pandemic when in-person patient visits all but dried up. “Our practice is in a much better position because of our participation in value-based contracts,” Irvine said.
Along with financial stability, being in value-based contracts has helped IKP improve its productivity and patient outcomes by offering a monthly, per-capita care management fee.
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