What Valued Based Purchasing Will Mean for the Healthcare Industry - Tilean Clarke Executive Insight
Tilean Clarke, Senior Executive Producer of the upcoming marcus evans National Healthcare CNO Summit Spring 2012, on how Valued Based Purchasing will impact the Healthcare Industry.
Published on: Mar 3, 2016
Transcripts - What Valued Based Purchasing Will Mean for the Healthcare Industry - Tilean Clarke Executive Insight
April 26-27, 2012 | The Westin Diplomat Resort & Spa | Hollywood | FloridaWhat Valued Based Purchasing WillMean for the Healthcare Industry Tilean Clarke, Senior Executive Producer of the upcoming marcus evans National Healthcare CNO Summit Spring 2012, on how Valued Based Purchasing will impact the Healthcare Industry.FOR IMMEDIATE RELEASEThe current hot topic in the healthcare sector is “Valued Based Purchasing”, a phrase which is lifting the industry to a whole newlevel. This impending Healthcare Reform legislation, often referred to by its acronym VBP, is where hospital reimbursements will bebased on clinical performance and patient satisfaction scores. This regulation is causing much contention, as never before has thecenters for Medicare & Medicaid Services (CMS) tied payment to a facility’s performance on quality care more than quantity.While performance and patient satisfaction measures have been around for quite some time, with the Hospital ConsumerAssessment of Healthcare Providers and Systems (HCAHPS) created in October 2006 and pay for performance which wasintroduced shortly after in July 2007, the Patient Protection and Affordable Care Act of 2010 will take this one step further.Beginning in October 2012, HCAHPS scores will be among those measures used to calculate provider reimbursement under VBP. Amajor change for the industry, healthcare executives and stakeholders must ensure they are prepared to deal with the tsunami ofVBP.The fundamental objective is for payment reform to reduce Medicare spending by approximately USD 214 billion over the next tenyears, but significant implications are expected to rise for the industry should they not comply and be prepared. Standards of caremust be consistent and supreme, otherwise executives risk their bottom line plummeting. Many facilities will be affected if they donot introduce sustainable measures to ensure a premium standard of health is maintained. Healthcare executives must beinnovative in creating strategies to help their organizations achieve transformation to minimize effects.With the increased scrutiny placed on healthcare including the increased transparency of organizational data, leaders must fullyunderstanding how to meet clinical outcomes and patient satisfaction requirements under the new CMS Value-Based Purchasingsystem, in order to meet targets and achieve premium payouts. A gloomy thought in the first instance, however the reality isexecutives must ensure they equip themselves with up-to-date and accurate information to empower them to prepare effectivelyfor the changes.Functioning in a value based environment and protecting their bottom line, is the ultimate challenge right now for the ChiefExecutive Officer, Chief Financial Officer and Chief Nursing Officer. www.healthcare-summit.com
April 26-27, 2012 | The Westin Diplomat Resort & Spa | Hollywood | Florida Contact: Sarin Kouyoumdjian-Gurunlian, Press Manager, marcus evans Tel: + 357 22 849 313 Email: email@example.com About the National Healthcare CNO Summit Spring 2012 This unique forum will take place at The Westin Diplomat Resort & Spa, Hollywood, Florida, April 26-27, 2012. 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 the healthcare reform, nursing in the era of meaningful use and improving patient care. For more information please send an email to firstname.lastname@example.org or visit the event website at www.healthcare-summit.com marcus evans group – healthcare sector portal Please note that the summit is a closed business event and the number of participants strictly limited. 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, think tanks, seminars and one-on-one business meetings. For more information, please visit www.marcusevans.com All rights reserved. The above content may be republished or reproduced – kindly inform us by sending an email to email@example.com www.healthcare-summit.com