Understanding the Importance of Bundled Payments
Deirdre Baggot argues that the success of bundled payments is much dependent on good leadership skills and profound decision-making skills. Recently, the Centers for Medicare and Medicaid Innovation announced that there would be a national increase of bundled payments. This has come as a threat to the Medicare and Healthcare sector and the commercial payers. Deirdre Baggot says the healthcare organizations should understand the importance of implementing bundled payments. Below four main facts make bundled payments stand out according to Deirdre Baggot.
- Provision of all patients’ needs
Most people or organizations are always striving to provide therapeutics and diagnostics for their patients. While most people commit to provide the needed procedures and tests, it becomes challenging balancing all the desires of patients and the family, and the medical practice that is very litigious. Therefore, bundled payments ensure that physicians and hospitals share savings that from efficient medical care.
- Change management
Leadership competence in managing change is fundamental in bundled payments. High-performing hospitals tend to be negatively affected when teams resist change, but effective leaders ensure that they adapt to change. Although most changes tend to fail, the successful ones are due to ethical decision making.
Bundled payments are a health reform that is evidence-based and to ensure its success, it is essential to have a robust feedback mechanism aimed at alerting the clinicians when they do not meet the optimal performance requirements. This will make the professionals become exceptional clinicians by being accountable for their practice. Additionally, the clinicians will adhere to providing best practice at all times for fear of losing their businesses.
- Knowing that volume play is no longer an option
Bundled payments do not offer market exclusivity that is offered by Medicare and Medicaid services. This is because giving a discount to Medicare with no intentions of increasing the volume; more discounts can be created because the physicians can resolve to undertake part B payments. If the cost of care is not lowered by the BP sponsors, this can create a big disaster.