As healthcare shifts from a fee-for-service to a value-based reimbursement model, population health management programs have changed how Chief Financial Officers (CFOs) approach their role. CFOs play an integral role in driving success to practices by investing in tools physicians can use to improve clinical and financial performance, as well as structuring population health management programs with incentives. Population health management programs done right, improve the quality of care through effective care coordination and medical cost management. This is were the CFO can have the most impact.
Invest in population management tools.
Investing in appropriate population health management tools and databases enables providers to focus on high-risk patients.
Incentivize population health management programs.
A CFO can structure population health management programs so practices receive an up-front, per-member-per-month fee in addition to shared savings. Learn more strategies by downloading our article on Elements of Successful Population Health Management Programs.
Set data-driven goals.
CFOs can provide support to show the need for setting data-driven goals in order to improve the health of populations, enhance the patient experience, and lower costs.
Implement physician incentives.
Financing population health management activities at the practice level is the key to physician engagement. Have physicians recognize the benefit of monthly fees to the practice by scheduling programs to receive an up-front, per-member-per-month fee in addition to shared savings. While programs, strategies, and well-defined goals are all important aspects of a successful program, sharing your successes may hold the most value. Once physicians see positive results garnered by colleagues, they are more likely to adopt the new practices.