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How Health Insurance Providers Can Streamline Value-Based Contracting4 min read

Value-Based Contracting

In this blog post, we will discuss how digital signatures for health insurance providers can streamline their value-based contracting process and make it easier to manage these contracts using the power of Certinal and iContract. Health insurance providers are always looking for ways to streamline their operations and improve their quality of care. One way to do this is by entering into value-based contracting with healthcare providers. These contracts incentivize healthcare providers to provide quality care at a lower cost. 

However, managing these contracts can take time and effort, especially for unfamiliar health insurance providers. Nevertheless, healthcare professionals are beginning to embrace value-based treatment because of its numerous advantages. As a result, today’s healthcare professionals take part in “value-based reimbursement” to the tune of 57%. 

Digital Signatures for Health Insurance Providers

What is value-based care, and what does it mean for health insurance providers? 

Value-based care is a substitute and prospective replacement for fee-for-service reimbursement that rewards quality over quantity. Value-based care is a payment that compensates providers for both efficiency and effectiveness by linking costs for care delivery to the level of care they deliver. This payment has replaced fee-for-service reimbursement, which retroactively compensates providers for services rendered per bill charges or yearly fee schedules. 

The Centers for Medicare & Medicaid Services (CMS) has introduced various value-based care models, such as the Medicare Shared Savings Program, Next Generation ACO Model, and Pioneer Accountable Care Organization (ACO) Model, to change how healthcare providers are compensated for the services they provide. 

Private payers have also embraced similar accountable, value-based care approaches. In addition, federal officials have suggested several reimbursement plans that would reward healthcare professionals for the high quality of treatment they deliver to patients, in contrast to the conventional fee-for-service reimbursement model, which emphasizes the number of services. Value-based care aims to promote the triple goals of strengthening population health management techniques, enhancing patient care, and lowering healthcare expenditures. 

Simply put, value-based care models focus on patient outcomes and how effectively healthcare professionals can enhance the standard of care based on criteria, such as lowering hospital readmission rates, utilizing approved health IT, and improving preventative care.  

Why is value-based care critical for health insurers? 

HHS reported that a value-based care model, alternative payment model accounted for 20% of Medicare payments. In the same announcement, HHS noted that value-based payment models had reduced hospital readmissions among Medicare beneficiaries by 8% and that ACO programs had helped Medicare save $417 million. 

According to updated data, savings have grown by a factor of ten since 2015, reaching $4.1 billion. In addition, according to the most recent CMS projections, value-based healthcare models will be used for all Medicare payments by 2030. 

Most healthcare providers are still used to value-based care, and many are still working to integrate suitable systems into their daily operations. In addition, the cost will likely rise in the upcoming years, given how quickly healthcare professionals implement value-based contracts. As a result, healthcare organizations will look for insurance partners who can efficiently and effectively draft, organize, and carry out payment or compliance contracts. 

Improves value-based healthcare system with digital signatures for health insurance providers 

There is a more effective method for managing value-based healthcare system forms and contracts—one that gives insurers the structure they require to handle even the most complicated agreements in an efficient and timely manner. 

Many insurance companies use contract lifecycle management (CLM), digital signature healthcare technologies, and healthcare providers to speed up contracting, lower costs, and eliminate mistakes. Certinal’s digital signatures + iContract(CLM) can offer your firm a comprehensive digital solution that provides the following advantages: 

A unified digital signature solution with a doctor signature generator eliminates the most time-consuming steps of a conventional, paper-based agreement process by streamlining every stage of the document management process, from document templates and digital signing to negotiation and management. This unified solution is the most efficient in getting doctor’s and physician’s signatures digitally securely. 

Bottom Line

Insurance providers must find solutions for the real-world effects of more intricate agreement procedures as the healthcare sector’s adoption rate of value-based care rises. By automating the parts of the healthcare payment process that require the most labour and money, Certinal and iContract make the transition for health insurance carriers easier. 

Book a demo to find out more about how Certinal (HIPPA-compliant e-signature solution) can assist you in getting ready for the future of healthcare right now. 

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Author
Senior Executive - Marketing
Lokjith is a marketing content writer, and he writes about eSignature technology to raise awareness and help enterprises make informed decisions. Before discovering the SaaS industry, he organized Offline Marketing campaigns campaigns. He has a master’s degree from the Institute of Management Technology, specializing in Marketing.
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