A new year is upon us and, with it, the desire to improve and prosper is rejuvenated. As we move into 2023, the value movement will assuredly bring some challenges and uncertainty; however, there is reason for optimism because in every obstacle there is an opportunity. Despite the seemingly glacial pace of value transformation over the last decade, we now stand at the threshold of a great dawning. An era of unbridled fee-for-service excess is approaching a foreseeable endpoint, and the ultimate outcome will be the reformation of a healthcare industry that better serves those that entrust it with their care.
Post-pandemic economic challenges of the New Year will be great tailwinds for healthcare reform. Workforce strategies to improve engagement and retention will lean in deeply to the promise of value-based care. The new ACO REACH program will serve as a guidepost for payment model innovation. Employers will continue to become awakened to the prospects of benefit redesign and care delivery innovation. Medicaid MCOs will continue making strides in their implementation of value-based purchasing models. Enrollment in value-based Medicare Advantage programs will continue to grow at an accelerated pace, and with it, surging capital investment into the health sector will bring about new opportunities.
As we reflect on the opportunities before us in the New Year, I wanted to share my own affirmations related to value-based care preparedness.
- Knowing where you stand: With downside risk on the horizon, physicians and health systems must understand where they currently stand in terms of quality and cost. The need to establish baseline data is imperative for an actuarial approach to value transformation. Are you ready to seize upon opportunities with emerging payment models in a data-driven way?
- Scaling up infrastructure: Delivering higher quality, lower cost care requires an analytics infrastructure that segments patient populations and fosters tailored care management solutions based on specific needs. What will be your key investments this year in your value-based care technology roadmap?
- Health Equity action planning: The moral imperative of equity will soon align with financial incentives to improve outcomes in underserved and marginalized populations. How will you heed the call to transform your system so that it optimizes care for those most in need?
- The “Quadruple” Aim: The provider workforce is ailing, and their moral injury is now a public health crisis that demands urgent attention. As a leader, how will you contribute meaningfully to workforce wellness to eliminate this suffering and how will that propel your value transformation strategy?
The need for courageous leadership has never been greater, and as we lead our organizations forward in adopting and implementing value-based care, we must seize the opportunity to work collaboratively – across organizations, stakeholder groups, and communities – to activate a glide path for transformation for the entire industry. The Institute for Advancing Health Value is proud to be your partner in this journey. Our chartered purpose is to support industry in the transition to a more financially accountable and equitable system, and we do this by offering continuous learning that fosters capacity development and workforce transformation. Please “lean in” with the Institute and take full advantage of the peer learning that is available – we have some exciting things planned for 2023. We are all in this together.
Wishing you a happy, healthy, and prosperous New Year!
Eric Weaver, DHA, MHA
Executive Director, Institute for Advancing Health Value
Michael O. Leavitt School of Health