Transitioning to a value-based cost model from a fee-based payment model can be challenging. Your organization can make the transition easier by using automation tools. Automation tools will determine the exact costs of all resources and services, which will help you assign accurate prices for your new payment model. Value-based care and automation is a cost-effective solution for both patients and providers.
Automation will make balancing the cost of care and what payers are willing to pay easier by reducing mistakes and providing an accurate analysis of prices. Here are a few ways your organization can benefit from automation:
- Using an automated system to determine costs will reduce the likelihood of human error in calculations. They also operate more efficiently and can collect and analyze data 24/7. A constantly updated stream of reliable data will help providers predict outcomes and future expenses.
- One of the many benefits to adopting a value-based care model is that you save on resources. With automation, you will reduce paper use while also determining problem areas in your current cost model where resources are being misused.
- Automated patient data can also reduce death rates and decrease complications among patients. A Texas hospital reported lower death rates associated with an increase in automated records and notes.
Value-based care models are more cost-effective because they shift the focus to a patient’s long-term health. This allows providers and doctors to treat minor health issues with treatment plans before they become costly health problems. Automated data and cost analysis will help you make your value-based care model operate smoothly and efficiently.
At Catholic Benefits Trust, we put the focus on the health of your employees. Our members have access to a variety of benefits. When you partner with us, you’ll earn a leadership role on our Board of Directors as well as a personal health coach to guide you and your employees along every step of the way. We also understand the importance of automation and patient data. Our data warehouse will encourage your employees to participate in wellness programs and it will allow you to make accurate predictions about healthcare costs. Contact us to learn more!