Health care providers and patients can benefit from joining an accountable care organization (ACO) in several ways. Aside from offering higher quality healthcare focused on preventative medicine, ACOs will also provide the opportunity for payers and providers to experience significant savings. Here are three ways ACOs cut costs:
1. Compliance with State and Federal Laws
When it comes to decisions about who’s employing doctors and how much control payers and providers have, ACOs must comply with state and federal laws. Many of these organizational decisions are directly related to health care regulations. These regulations exist to protect private patient data. Following the design outlined by state and federal laws makes managing who has control over patient information simple and secure. ACOs can follow these guidelines to prevent potential data breaches, which can be costly and time-consuming.
2. Remain Committed
In order for organizations to see real savings, ACOs must remain committed and invest enough time into the endeavor. ACOs aren’t likely to see an immediate reward for providing quality over quantity healthcare to patients. If they remain focused and dedicated to the pursuit, however, they should see significant savings. It also takes time to implement all of the necessary changes. Switching from a fee-for-service payment model to value-based care doesn’t happen overnight. While it takes time, ACOs are cost-effective solutions worthy of consideration.
3. Invest in Risk-Based Payment Arrangements
ACOs that sit on the sidelines and continue to follow a fee-for-service model are missing out on great opportunities to save. ACOs that partner with payers and providers through risk-based payment contracts are more likely to succeed and save significantly more than those remaining on the sidelines.
At the Catholic Benefits Trust, we do everything possible to save our members money while also ensuring quality care. Each of our members has a seat on the Board of Directors so everyone has equal say when it comes to managing the vision and goals of CBT. We provide secure protection and access to patient information as well as legal protection of funds intended for employee benefits. Our members also receive personal health management plans tailored to specific patients based on their data and information. When it comes to healthcare, there’s no organization more cost-effective than us! Contact us to learn more!