Wellcentive's Cost of Inaction Calculator to Mitigate Groeing Financial Risks
ATLANTA: Being focused at delivering quality improvement and high revenue growth to the health industry, and transitioning the value-based care, Wellcentive has recently developed a cost of inaction calculator for the healthcare space. It is a free tool, which models the economic impact that the delay in the shift from fee-for-service volume to value-based care reimbursement causes. "The time for value-based care is now, and hesitation will have a significant current and future financial impact," highlights Tom Zajac, Wellcentive’ CEO.
“The industry is plagued with a myriad of complexities around implementing data aggregations, advanced analytics, care management workflows, and collaborating with different IT systems at both strategic and data level,” notes Kirk Elder, CTO, Wellcentive. Wellcentive’s free tool cost of inaction calculator guides the healthcare professionals by providing an executive and operational perspective on the way to shift the tide from fee-for-service to value-based revenue. Private payers until recently were dependent on Medicare's lead and The Centers for Medicare & Medicaid Services (CMS) for new payment models that continuously rolls out value based care’s initiatives. The delays not only charges an opportunity cost, but also oftentimes imposes penalties and drive providers toward facing a high financial risk incidents.
"We are providing this free tool as part of our industry advocacy, to help model the economic impact of delay and to demonstrate the potential gains through adoption. It can also serve as a strategic framework for decision making – organizations can select what programs they think may be beneficial to participate or invest in, and see the potential cost of inaction," says Zajac. The cost of inaction calculator also enable organizations to guesstimate the impact of delaying effective implementation and management of value-based care practices, and accordingly take necessary precautions to eliminate the pain points.
“Our strategy at Wellcentive is to deliver a robust and broad platform that allows our customers to have the ability to meet the quickly evolving value-based payment regulations,” says Elder. “We form deep strategic partnerships with healthcare businesses faced with changing revenue requirements to support the iron-going value-based-care operations and maturation.”