Bundled payments healthcare packages have proven popular with payers who want to participate in value-based care. This is because bundled payments have a lower financial risk when compared to many other payment models. Not only that, but bundled payments offer benefits to both payers and providers.
What Are Bundled Payments?
In bundled payment arrangements, the payer is only required to make one payment. This payment covers all of the services that a healthcare provider performed during a particular visit. The financial risks are, therefore, lower for payers than other value-based agreement types. A bundled payment is able to be sent as a single bulk payment to one provider. Alternatively, several participating providers can receive payments. This makes it simpler for the payer to manage his or her reimbursement totals.
The year 2016 saw a 6 percent rise in the number of patients that switched to bundled payments healthcare models. Their popularity is because of the opportunity they give for better care quality paired with lower care costs. They also allow for better management of the high cost of healthcare spending. Bundled healthcare payment models are the best way for payers to effectively define the total cost of their care.
Cost Savings For Both Provider And Payer
Plans link bundled healthcare payments to improvements in cost savings. This benefits not only the payer but the provider as well. In fact, a study showed hospitals that participate in the BPCI initiative have reduced their costs by more than $3,000. They made these savings without any compromise in the care quality for their patients.
Employer-sponsored health plans are also able to use bundled payments in order to reduce their costs. Bundled payment totals are around 10 to 12 percent lower when compared with fee-for-service totals for some surgical procedures. Some of the largest employers are able to leverage bundled payments in order to reimburse surgery services at a lower rate.
Next Generation Bundled Payments
Bundled payments may soon facilitate health programs that have long treatment periods addressing all the conditions of high-risk populations. By combining bundled healthcare payments with techniques for population health management, payers receive help with the rising cost of healthcare.
Allowing payers to determine the total amount they must reimburse for services, bundled payments are valuable for employers and payers. The payments take into account both the outcome of care and its total cost. This allows them to act as a catalyst through which healthcare system reform is possible. For payers keen to address both quality and financial challenges, bundled payments could be an ideal solution for cost-effective care.
Bundled Payments And Convenience
Convenience is becoming more important than ever before in today’s modern healthcare provision environment. With more patients struggling to make payments for their treatments, finding ways to improve the process is vital. Another way of facilitating healthcare payments is to offer an option to make online payments.
When healthcare providers offer secure and simple-to-use online healthcare payment solutions, they can improve revenue collection exponentially. Streamlining the process of invoicing, paying, and receiving payments speeds up the revenue collection process. By allowing patients to make payments for their treatments through convenient payment plans, providers will receive their money on time. Online portals and IVR systems ensure that patients have the most convenient options for them open to them. Being able to make payments 24/7 with their preferred methods gives back control to the patients over their treatment costs.
Together with bundled payments healthcare packages, BillingTree’s healthcare payment solutions are the convenient and streamlined choice for patients and providers.