Successful value-based care is rooted in collaboration and trust between payers and providers, but adoption of value-based payment models continues to be relatively slow. Amid the decreased volumes caused by the COVID-19 pandemic, however, many providers have benefited from compensation models that reward value over volume. In a new article published by HIT Consultant, Cotiviti CEO Emad Rizk, M.D., joins Rachael Jones, senior vice president of performance analytics and quality, to explain how health plans can move the needle on accelerating value-based care.
During the pandemic, when elective procedures were postponed in the first months and volumes were slow to return to pre-COVID levels, many providers who relied on fee-for-service payment for most of their revenue found themselves negatively impacted financially by the lower utilization of services. Meanwhile, value-based models gave some providers a financial lifeline, with payers like Blue Cross and Blue Shield of North Carolina providing financial and other support to primary care providers and others speeding up value-based payments to help physician practices. These are moves that strengthened these practices’ financial stability while protecting members’ access to care. Experiences such as these prompted increased inquiries around how to make the move toward value.