8 Steps to Making the Bundled Payment Model Work to Your Advantage - Gary Whittington, Baptist Health System
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8 Steps to Making the Bundled Payment Model Work to Your Advantage - Gary Whittington, Baptist Health System

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Gary Whittington, a speaker at the marcus evans National Healthcare CFO Summit Fall 2013, offers eight ideas for reaping the benefits of the bundled payment model. ...

Gary Whittington, a speaker at the marcus evans National Healthcare CFO Summit Fall 2013, offers eight ideas for reaping the benefits of the bundled payment model.
Interview with: Gary Whittington, Chief Financial Officer Region Services, Baptist Health System


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    8 Steps to Making the Bundled Payment Model Work to Your Advantage - Gary Whittington, Baptist Health System 8 Steps to Making the Bundled Payment Model Work to Your Advantage - Gary Whittington, Baptist Health System Document Transcript

    • Some healthcare organizations in the US are participating in pilot programs and moving to a bundled payment business model, to increase savings and provide better patient care, while eliminating waste and inefficiencies. “The current payment system between hospitals and physicians does not lend itself well to economics. In ten years we expect all hospitals to have switched to bundled payment,” predicts Gary Whittington, Chief Financial Officer Region Services, Baptist Health System. “We saw bundled payment as a way to differentiate ourselves in the market, so we started working on it four years ago and have been running it for three years now. We have found that when we are all working towards the same goal, we can achieve better results,” he adds. A speaker at the marcus evans National Healthcare CFO Summit Fall 2013, in Los Angeles, California, October 20-22, Whittington puts forward his recommendations for how healthcare Chief Financial Officers (CFOs) can make bundled payment work. Find your physician champions. Know who they are and who will support you moving forward. They have to be willing to work on your behalf, but also be someone who the rest of the medical staff approve, look up to and listen to. Do not think you can do it without your physicians. Build a strong core team. Involve the key leaders from each area of the organization that bundled payment will impact, as they will need to know the process inside and out. A lot of building needs to get done early on, and continued engagement and upkeep. Share information with your physicians and all those involved. Trying to keep secrets, such as your costs, will not work. Be open and transparent. Do not underestimate your vendors. They will be a big influence. When we first started, we underestimated their impact, but many vendors may have better relationships with your physicians than you do. Determine costs and how they will be reported. Not all hospitals and health systems have good cost accounting systems, as it is difficult to get true actual cost of certain episodes, but it is very important in bundled payment. Everyone has to be on board with the way the hospital determines and reports costs. Be aware that any time a fee schedule changes, the bundled payment changes too. It is not easy for the intermediaries to get calculated quickly and on time, because they are not used to calculating all pieces at the same time, so stay on top of intermediaries. Know the physicians. CFOs are not usually out there mingling with the physicians, but they will have questions about the new system. Step outside your comfort zone to become a true leader. You can accomplish more if you have developed a good relationship of trust with physicians. Make everyone in the organization aware of bundled payment and what it actually is. It is amazing how many people it touches every day. Do not underestimate the breadth of knowledge and time it will take to educate everyone. 8 Steps to Making the Bundled Payment Model Work to Your Advantage Gary Whittington, a speaker at the marcus evans National Healthcare CFO Summit Fall 2013, offers eight ideas for reaping the benefits of the bundled payment model. Interview with: Gary Whittington, Chief Financial Officer Region Services, Baptist Health System
    • About marcus evans Summits marcus evans Summits are high level business forums for the world’s leading decision-makers to meet, learn and discuss strategies and solutions. Held at exclusive locations around the world, these events provide attendees with a unique opportunity to individually tailor their schedules of keynote presentations, case studies, roundtables and one-on-one business meetings. For more information, please visit: www.marcusevans.com Upcoming Events Long-Term Care CXO Summit - www.longtermcaresummit.com National Healthcare CNO Summit - www.nhcnosummit.com National Healthcare CXO Summit - www.nhcxosummit.com To view the web version, please click here: www.nhcfosummit.com/GaryWhittington The marcus evans - Finance Summits group delivers peer-to- peer information on strategic matters, professional trends and breakthrough innovations. Please note that the Summit is a closed business event and the number of participants strictly limited. About the National Healthcare CFO Summit Fall 2013 This unique forum will take place at the Westin Long Beach, Los Angeles, California, October 20-22, 2013. Offering much more than any conference, exhibition or trade show, this exclusive meeting will bring together esteemed industry thought leaders and solution providers to a highly focused and interactive networking event. The Summit includes presentations on revenue cycle management, the future of healthcare, bundled payment models and ensuring efficiency through a clinical and financial EHR system. www.nhcfosummit.com Contact Sarin Kouyoumdjian-Gurunlian, Press Manager, marcus evans, Summits Division Tel: + 357 22 849 313 Email: press@marcusevanscy.com For more information please send an email to info@marcusevanscy.com All rights reserved. The above content may be republished or reproduced. Kindly inform us by sending an email to press@marcusevanscy.com