In recent years, payors have been increasingly focused on connecting cost to quality in healthcare. This means that they are tightly connecting any improvements to contracts to the providers ability to demonstrate how they are reducing the overall cost of care while improving patient outcomes. Orthopedic surgeons are no exception, and data is playing a crucial role in driving payor contracting with these providers.
According to a study published in the Journal of Orthopaedic Surgery and Research, the use of value-based contracts has been shown to reduce healthcare costs by an average of 8.9% while improving patient outcomes. This is due in part to the fact that value-based contracts incentivize providers to focus on the overall well-being of their patients, rather than just treating individual symptoms or conditions.
Another study published in the Journal of Bone and Joint Surgery found that the use of bundled payments and episode-of-care arrangements can reduce the cost of orthopedic care by up to 12%. This is due to the improved coordination of care that results from these initiatives, which helps to reduce unnecessary costs and improve patient outcomes.
Finally, data analytics is playing a major role in payor contracting with orthopedic surgeons. A study published in Health Affairs found that the use of data analytics can lead to improved patient outcomes and reduced healthcare costs, as it allows payors to make informed decisions based on evidence-based best practices.
In conclusion, data is playing a crucial role in driving payor contracting with orthopedic surgeons.
The use of value-based contracts, bundled payments, episode-of-care arrangements, and data analytics has been shown to improve patient outcomes and reduce healthcare costs. Orthopedic surgeons who are able to demonstrate the value they provide to patients through data-driven strategies are more likely to be successful in this new landscape.
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MPOWERHealth is dedicated to empowering better healthcare through innovative solutions for physicians, hospitals, payors, employers, and consumers that optimize healthcare delivery for improved efficiencies, outcomes, and patient satisfaction. Its services include integrated physician networks that support collaboration between musculoskeletal providers; care management solutions, from transition care to remote patient monitoring for increased patient engagement and decreased re-admissions; best-in-class intraoperative neuromonitoring and surgical assist services for enhanced OR efficiencies and patient safety; and health plan solutions that create direct access to the highest level of conservative musculoskeletal care at a set cost. Headquartered in Addison, Texas, MPOWERHealth serves more than 400 physicians, more than 40,000 patients annually and more than 300 facilities in 24 states. For more information and to see the company's comprehensive service offerings, visit MPOWERHealth.