What is medicare shared savings program and how is it beneficial?
Medicare shared savings program is committed to helping individuals and beneficiaries get full support from medical providers without incurring extra expenses. It provides the hospitals, physicians, and others involved in patient healthcare, an Accountable Care Organization (ACO). It is held accountable for the cost, quality, and experience of care provided to the beneficiary population. ACOs are a group of healthcare shareholders that have compensation tied to quality and cost metrics. Any participating ACO, under MSSP, is eligible to receive incentives for meeting specific benchmarks every year.
A medicare sharing savings program is a voluntary program that boosts hospitals, doctors, and other health care providers to unite as an ACO to provide coordinated and high quality care to Medicare recipients. It is an alternative payment method that-
- Drives quality of services over quantity.
- It promotes accountability for a patient population.
- Organizes services and deliverables for the beneficiaries.
- It aims at moving away from a volume driven outcome to a more inclusive environment.
It was launched by CMS in 2012 and has since evolved into one of the most extensive national-level programs built to follow a value-based care model. Instead of receiving reimbursement from each payer, healthcare providers receive payment based on performance metrics, including fewer readmissions, short hospital stays, and reduced emergency room visits.
We advise you to get in touch with experienced consultants and planners at www.askhpm.com to know more about the medicare shared savings program.