Cost reduction has been cited in several recent surveys as being the highest priority amongst U.S. Healthcare systems. That’s no surprise, given the rapid emergence of fee-for-value payment models. These models require strategic service line management as providers seek to align their operational focus with their financial goals.
Achieving Success with Bundled Payments: A Case Study with The Ohio State University Wexner Medical Center
The objective of this session is to learn about StrataJazz Bundled Payment Modeler and Episode Performance Management, new products, developed in partnership with The Ohio State University Wexner Medical Center and Strata Decision Technology.
Bundled payment models have posed new challenges and revealed gaps in financial and operational knowledge that hospitals must address quickly to stay profitable in a value-based industry. However, many hospitals lack the tools or expertise necessary to easily identify how care is being delivered for a given patient cohort. They need the ability to understand the sources of controllable and uncontrollable variation, translate that variation into the true cost of delivery and impact on quality outcomes, craft improvement plans for controllable variation, and facilitate collaborative discussions with clinicians about ideal care management.
Using the advanced cost accounting and patient analytic capabilities of the StrataJazz platform, The Ohio State University Wexner Medical Center has been able to create a continuous process for episode performance management. Developing this capability has enabled them to advance the adoption of bundled payment models for new services in their market area. Strata Decision Technology has incorporated their data-driven approach to episode modeling and performance management into a new product that will be demonstrated.
1. Learn to partner with clinical and operational leadership to build a sustainable and continuous process for improving performance on episodic care management.
2. Discuss using innovative and data driven approaches to crafting clinically relevant episode definitions and financially appropriate contract terms for bundled payments