Research and surveys conducted by the Healthcare Financial Management Association (HFMA national) indicates that hospital and health system consolidations will continue for the remainder of 2019 and on into 2020. These consolidations include not only hospitals, but physician groups, payers, pharmacies and specialty health providers such as rehabilitation and hospice.
Healthcare providers are seeking greater efficiencies as they face the challenges of value-based care and payment. As reimbursement is increasingly impacted by patient health outcomes compared to the cost of delivering services, providers are rewarded financially for successfully reducing the effects and incidences of chronic disease as well as helping their patient populations live healthier lives in an evidence-based way. No longer is focus on the actual amount of healthcare services providers deliver, but on the health outcomes experienced by patients.
The goals of value-based care and reimbursement are for patients to spend less money to achieve better health, for providers to achieve greater efficiencies in providing care, for patient satisfaction to be improved, for payers to control costs and reduce risk and for suppliers to align prices with patient outcomes. As healthcare continues to transition to a value based model from fee-for-service, providers are looking for ways to deliver more efficient and cost-effective care which has resulted in more provider consolidations every year. There is strength in numbers from payer contract negotiation, to purchase of supplies, to sharing of technology and medical expertise.
As health systems go through these transitions, the Hollis Cobb team is there to provide assistance to our valued clients and new business partners, including legacy A/R work down projects during system conversions, clean-up projects in collections and insurance, staffing for pre-authorization, customer service and other front-end services as well as assistance in other areas where our clients find themselves short-staffed.
The key to providing superior service is knowing what our clients need even before they know. Staying abreast of trends in healthcare enables the Hollis Cobb team to develop services and technology that we know our clients will need in the near future as the consolidation trend continues, and being ready to absorb additional projects that will generate greater revenues for our clients as they strive to remain financially healthy, and able to provide the patients in their communities with the best value in healthcare services.