The Affordable Care Act (ACA), value-based care, and new reimbursement programs are forcing hospitals and health systems to look at organizational performance holistically, at the point where clinical, operational and financial measures of quality and cost intersect.
These shifts in how care is delivered and reimbursed greatly affect how hospitals and health systems succeed. The fee-for-service model rewards volume, and if an organization manages costs, it can thrive on sheer numbers. The value-based care model is more complicated. Hospitals and health systems will make money on the services where they provide high-quality care, at a lower cost, to a larger percentage of the population than the competition, where they control (or effectively manage) the continuum of care. As a result, mergers and acquisitions are more prevalent. But this brings up an important question: How do you determine your greatest competitive advantages – clinically and financially – as you contemplate a merger or acquisition or integrate service lines after the transaction?
Having an understanding of these critical data points can help you make the most informed decisions possible, and positively affect the quality of care delivered and the financial results associated with care. Hospitals that provide high-quality care will grow their market share, because they will become the hospital of choice for individual healthcare purchasers and larger purchasers, like large employers or payers. So, by strengthening the relationship between market intelligence, quality, and efficiency measures, competitive advantages can fall in line.
The Integrated Market Assessment, a Truven Health analytic service offering, helps hospitals and health systems take advantage of all strengths – market-specific competitive advantages, clinical, and financial – when investing in capital projects and strategic service lines. The program is designed to help you intelligently respond to increasing competitive pressures, partnering, and market opportunities, by combining market intelligence (traditional volume and market share indicators) with quality and efficiency measures.
Integrated Market Assessments help Providers address challenges such as:
· Merger and acquisition optimization (before and after)
· Competitive market analysis
· Quality and efficiency metric identification
· Market trend and target population identification
· Financial strength, stability, and sustainability metrics comparison (reported to the Centers for Medicare & Medicaid Services)
For more information about the Integrated Market Assessment, please contact us by phone at 1.800.525.9083, option 4 or by email at ProviderSolutions@truvenhealth.com.