|By PR Newswire||
|August 9, 2014 03:05 AM EDT||
WOODBURY, N.Y., Aug. 9, 2014 /PRNewswire-iReach/ -- Gettry Marcus CPA, P.C., a leading consulting, tax and business valuation firm, shares how providers have adopted value-based payment models.
Considering that many medical practices are still unsure of the financial benefits that might be realized by their participating in value-based payment models, a recent April 2014 research study by Availity Health Information Network (availity.com) still finds that a significant number of providers are participating in such payment models. This is true even with the uncertainty as to the financial risks associated with these new models, questions as to the effectiveness of such models, and the payers' motives for implementing them.
When used in the Availity research study, Value-Based Payment Models ("VBPMs") refer to payment arrangements that pay physicians, hospitals, medical groups and other healthcare providers based on measures including quality, efficiency, cost and positive patient experience. VBPMs can come in the form of Accountable Care Organizations, patient- centered medical homes, pay-for-performance, payment for coordination, and/or bundled payment initiatives.
Key findings in the research study were as follows:
- 75% of providers participate in one or more VBPMs.
- 30% of providers believe that VBPMs offer enough reward for the risk.
- 50% believe that VBPMs will positively affect health outcomes and costs.
- 20% of provider revenue currently comes from VBPMs.
- 60% of providers believe that VBPMs will become the dominant model.
- 75% of physician practices and hospitals agree that real-time information will be critical for success.
The Study went on to report that primary care physicians are more likely to participate in pay-for-performance models, patient-entered medical homes and payment for coordination plans, and specialists in bundled payment initiatives and Medicare programs, such as the Medicare Quality Incentive Program. The study also noted that approximately 28% of revenues for primary care practices come from VBPMs versus 20% for specialists and that gap is expected to grow over the next three years.
For more information, visit the Gettry Marcus website.
IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.Gettry Marcus CPA, P.C. is a top New York City and Long Island CPA firm with offices in Woodbury, Long Island and New York City. We provide accounting, tax, and consulting services to commercial businesses, high net worth individuals and various industries, which include real estate and health care. We have one of the premier and most credentialed forensic accounting, litigation and forensic accounting groups in the New York Area. Our experience in diverse industries and a highly talented and experienced professional staff gives us the ability to share valuable insights into our clients' businesses, to better understand their goals and problems and to help them attain the vision they have for their company.
Gettry Marcus is "Always Looking Deeper" to build value for our clients.
Media Contact: Fayellen Dietchweiler, Gettry Marcus CPA, P.C., 516-364-3390 x 225, [email protected]
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SOURCE Gettry Marcus CPA, P.C.
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