You’re on the fence about joining an Accountable Care Organization, as if you’re stuck on a med school acceptance letter all over again. Perhaps you thought law school would’ve been a better decision at one point. Perhaps you think joining an ACO isn’t for you right now.
Perhaps. But perhaps it’s also true that you’re open to suggestions. The road to long-term healthcare reform begins with the Medical Shared Savings Program (SSP), an initiative brought forth by the ACA.
Healthcare reform put accountable care on the national stage, and now it’s up to you to decide your level of participation. Read on to learn more.
What is the Medical Shared Savings Program?
The Medical Shared Savings Program rewards ACOs for lowering healthcare costs while maintaining the quality of care performance standards for Medicare Fee-For-Service beneficiaries. Some estimate Medicare can save up to $960 million in the first three years of the Shared Savings Program.
Organizations qualifying as ACOs under the SSP will sign participation contracts, committing them to supply supplements to claims data to be determined by CMS. Participating ACOs that meet quality and performance standards are eligible for payments.
The program envisions the delivery of seamless, coordinated care by ACOs, promoting better care by placing the beneficiary and family at the center, attending to care transitions, and investing in care teams.
Benefits of SSP
Financial gains – You know there are financial gains via a share in the savings produced by providers in the ACO, hence the program’s title.
Before choosing an ACO, however, expect the distribution of shared savings to be meaningful, as in there is an attractive ROI to keep all ACO members engrossed, and fair, meaning stakeholder classes get what they deserve.
Systems Enhancements – For many, including possibly you, joining an ACO and participating in the SSP could improve quality reporting and analytic levels, as well as expand your management capacities.
Organizational Development – You may not meet the data requirements of SSP participation, so demonstration projects under the program give you the opportunity to grow your information management capabilities and cost management dexterity.
Benefiting Citizens and Employers – The SSP represents a number of benefits to employers and the general populace, especially in low-quality healthcare regions with unbearably high costs. Not to mention, participation can result in an ideal public relations opportunity.
Innovating Healthcare Delivery – Of course, we end with innovation. Joining an ACO and participating in the SSP may prove to be a good challenge for your practice. Maybe you’ll find you’re more productive when having to keep up with more sophisticated members of your ACO. Either way, it obviously can’t hurt.
What do you think about the Shared Savings Program? Think you’ll join an ACO soon?
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