Value-Based Care Adoption Rates Remain Low: New Benchmarks from MGMA
A recent study released by the MGMA shows that healthcare organizations are still slow to adopt value-based reimbursement models. The study surveyed over 2,300 healthcare organizations and found that the average rate of value-based care only accounts for 5.5% to 14.74% of revenue. This is a far cry from the 50% goal set by CMS in 2016. While some progress has been made in this area, there is still much work to be done.
Biggest Challenge
Appointment schedules due to a surge in patient demand amid staffing shortages.
The inability to optimize appointment schedules due to staffing shortages throughout much of 2021 resulted in appointment availability for new patients — measured as the third-next-available appointment (TNAA) — increasing by two days: From 6.1 days in 2020 to 8.1 days in 2021.
However, time-to-third for established patients increased slightly, ticking from 4 days in 2020 to 4.43 days in 2021.
Wait times in a practice's waiting area also increased by four minutes yearly, with a median wait time of 16 minutes in 2021.
Wait times in the exam room while waiting for a provider increased by two minutes in 2021, reaching a median of nine minutes.
Medical practice leaders understand that the appointment creation process and getting patients in the door — physically or virtually — drives your revenue cycle.
After the COVID-19 epidemic ends, the most significant barriers are:
optimizing your providers' time
Finding resources
keeping unfilled appointments on the schedule may be more difficult.
Consequences of a Scheduling Problem
If your organization isn't careful, the consequences of a scheduling problem can be significant. They include:
- decreased patient satisfaction,
- longer wait times,
- more cancellations, and
- no-shows.
These can all lead to a decrease in revenue and an increase in negative reviews. To avoid these consequences, it is crucial to be proactive and take steps to fix your scheduling process.
There is not an easy button for the fix, such as buying software; unfortunately, a lot of it includes process redesign and behavior changes.
