The traditional ways of paying for healthcare are slowly beginning to go by the wayside. These methods are getting a dramatic overhaul to both reduce costs and improve patient outcomes. One of the people leading this fight is Deirdre Baggot, Ph.D., MBA, RN, who is an expert in the new form of paying for healthcare, bundled payments. She says that how the healthcare industry currently works is that healthcare providers are paid for quantity, not quality. This means they earn more running all sorts of tests, many of which are unnecessary, or short thrifting aftercare because they don’t earn enough from it. This means that health care providers earn more by churning patients through the system rather than truly taking care of them.
However, Deirdre Baggot says that payment reform is pretty complicated. Business leaders need to really understand their company’s payment system in a way that increases patient satisfaction with their services while also keeping the organization profitable. The new bundled payments approach is more streamlined than traditional billing methods as it eliminates a number of fundamental issues. As a consultant, she partners with healthcare organizations to implement bundled payment systems into their business.
She has years of hands-on experience implementing these types of changes. Bundled payment plans are something that is getting bigger traction in the healthcare industry each year. The benefits of this new system are being seen across the United States from those healthcare organizations who have reformed their billing practices.
Dierdre Baggot wrote about the Affordable Care Act in an article that recently appeared on BoardRoom Press. She wrote about how traditional payment models are negatively impacting people’s ability to pay for their medical care. Traditional payment methods are also putting in jeopardy the bottom lines of organizations who continue to insist on using them.