Top 10 Insights for Managing “Fusion” Payment Models

Top 10 Strategies for Managing “Fusion” Reimbursement Models

Reimbursement Models

Reimbursement Models

The state of the healthcare industry is a volatile one at the moment. This has led to many challenges for businesses in this currently chaotic industry going forward into this decade. While some companies prefer to play it safe, others are facing these challenges head on and embracing new “fusion” reimbursement models. However these news strategies can be risky for those who are unfamiliar with them. Let’s go over the top ten ways to manage fusion reimbursement systems.

1. The Importance of Adopting New Payment Models

With older payment models falling by the wayside due to economic trials and tribulations, the healthcare industry is embracing new methods such as bundled payment options and even joint venture plans. Much of this is focused on high cost, high volume areas such as cardiology and other similar fields of medicine.

 

Execution Matters

Execution Matters

2. Why Execution Matters

It is no secret that many good ideas crash and burn because they are ultimately poorly executed. To see the new fusion strategies through, healthcare providers will have to possess strong conflict resolution skills as well as exceptional communication skills. This, combined with the ability to influence others, will be needed to ensure that these new financial models are successfully implemented.

3. Following in Google’s Footsteps

Google is known for both its creativity and its forward thinking which has led to its success. To make new fusion reimbursement models work administrators will have to take a similarly assertive mindset when looking for new talent as well as in identifying the most valuable human resources they currently possess and how to use them. High value, high quality, and high responsiveness are the cornerstones of the future.

 

Risk vs. Reward

Risk vs. Reward

4. Risk vs. Reward

Those who take the greatest risks will reap the greatest rewards. This universal truth applies to fusion reimbursement models as well but the risk must a managed one. The key is to stay open minded and look at the future from a broader perspective, ensuring that no opportunities are missed and that they are acted upon quickly, intelligently, and with the proper planning. A tolerance is also important, which we’ll go over in just a bit.

5. The Value of Timing

During the midst of a turbulent time of payment transformation, such as the one happening now, it is important to understand the value of timing. ACOs and bundled payments are working against demand and forcing providers to rethink their business models. Being able to time new fusion reimbursement models with changes in care models will be critical to future success.

 

Best Practices

Best Practices

6. The Evolution of Best Practices

One of the toughest tasks associated with the rise of fusion reimbursement models is the fact that there are no real set best practices yet. However, this doesn’t mean that businesses can slack off. They will have to be able to learn not only from their own successes and failures, but from the successes and failures of their competition as well if they want to establish best practices that work.

7. The Value of Proximity

When it comes to navigating the chaotic changes that the healthcare industry is currently facing, being able to communicate face to face with colleagues, employees, partners, and more is critical to success. Being able to break down barriers and foster a sense of trust and reliability has never been more important.

 

Courage is Key

Courage is Key

8. Courage is Key

Getting through this age of healthcare strife will also require a great deal of courage. That is, the courage to turn down payment models that are inefficient no matter how easy they seem. The courage to stick with long term plans and ignore short term fixes that lead to bigger problems. Finally, you need the courage to confront the reality of waste, duplication, and other consequences of fee-for-service business models.

9. Failure Tolerance

The ability to tolerate failure and learn from it is and has always been an important component of a great leadership program. Failures should be reclassified as “education” and serve as a guide point on the path to success with fusion reimbursement models. True innovation is impossible without risk and risk rarely comes without some degree of failure. Managing risks and keeping them within the bounds of tolerable failure is going to be important for as long as business exists as we know it.

 

The Value of Partnership

The Value of Partnership

10. The Value of Partnership

Now more than ever healthcare providers will be forced to partner with one another in order to establish payment and care models that work. In fact, partnership across many different healthcare stakeholders will work as a fact based comprehensive market assessment. This will allow providers to learn from one another what’s working and what isn’t so that all can profit from that knowledge. In some cases partnerships that take advantage of one another’s services will also be beneficial and allow all parties to ultimately achieve a greater level of patient-centered care.

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From the Author:

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Prospect for Clients Using These Tips on Leveraging Volunteering

Tips on How to Leverage Volunteering to Prospect for Clients

While it may be true that charity is its own reward, it can also be rewarding in more tangible ways that could do great things for your bottom line. Charity and volunteer events are a great way to prospect for new clients. When done correctly, you can do something for a good cause while doing something good for your business.

Volunteering

Volunteering

Educate Yourself About the Project

Go to meetings, and gather project-related literature from those meetings. As you read through the material, try to anticipate the questions that people will ask. Be prepared to answer basic questions about where the raised funds will go and what they will be used for.

Make a List of Your Best Prospects

Your friends are likely to make the best prospects. The list you end up should be a pretty decent length. If you’re the average American, you should have around 600 friends according to a New York Times report.

Give First

Give First

Give First

Have your check ready when you attend the event. Though you aren’t expected to donate as much as the industry’s biggest big wigs, you are expected to give nonetheless. Show prospects that you believe in the cause you’re asking them to believe in.

Grab a Friend

Your first few visits will be a nerve-wracking experience. Bringing an associate along can help buoy your confidence and help you not feel alone. They can also aid you when fielding difficult questions.

Be Professional

Be Professional

Remember That You’re a Professional

Square your shoulders, and be firm when addressing people. Be friendly, but let them know you’re serious. Make a strong case for supporting the cause.

Accept Your New Role Gracefully

Make a smooth transition from associate to charity volunteer. Let your friend know in no uncertain terms, that for the time being, you’re all about business. Once you’re done with your pitch and have given them the necessary literature, let them know you’ve switched back to your original role.

Donate

Donate

 

Make a Statement of Faith

Let your friend know that you are donating to the cause. Also let them know that you’re asking them to do the same. If you are reasonably certain that your friend’s economic bracket is the same as yours, it might be a good idea to mention the exact amount you donated and prompt them to donate the same.

Request the Right Amount of Money

Present the range of acceptable contribution levels, while pointing out opportunities for naming. Suggest a contribution amount just above what you think they’ll go for. They may opt for an amount one or two levels down, or they just might pony up the amount you suggested. There’s a chance they’ll be flattered that you believe they have the bankroll to write such a generous check.

options

options

 

Make Them Aware of Pledging Options

Explain that, with an initial contribution, they can opt to donate more money over time. You may also wish to mention donations made in appreciated securities, if the situation lends itself to it. Spend a short time telling them about corporate gift matching programs, too. Simplicity is key.

Get Them to Commit

This is where the rubber meets the road. The cornerstone of in-person fundraising is the ability to look at someone straight-on and say, “The community needs this project. Will you join me in lending your support?” This is tough, which is why most prefer to raise money through a mailing campaign or at events.

Give Thanks

Give Thanks

Formally Thank Them

This means sending a handwritten note, whether they donated to the cause or not. Make it personal, and avoid texts and emails. Those can be easily deleted and won’t be remembered.

Send an Invite

There’s always a 50 percent chance that they didn’t contribute. If not, ask the organization to invite them to another one of their events. Second time might be the charm.

Check Back In

If they’re on the fence, give them a call to see if you can sway them. Be firm but polite, and encourage them to give you a decision. Try something like, “I’m calling to conclude or business about Acme Charity. Are you still interested in contributing.”

Give Recognition

Give Recognition

Recognize Them

If they have made a contribution, and you’ve already sent them a thank you note, make sure that they get an invite the charity’s next recognition event. You should go to the event to. Drive them yourself if you need to. Once there, personally see to it that they get a handshake and a thank you from everyone in the senior administration.

reciprocity

reciprocity

Expect to Reciprocate

If your prospect makes a donation, expect to return the favor. They will come to you asking for something similar. When you are approached, be generous and supporting, giving as much as you comfortably can.

Master this process, and soon you may find yourself among the ranks of powerful people from other organizations and boards.

Hopefully, this article got you thinking about optimizing the prospecting in your tax and accounting business. If you’re not using online tax filing, you should. Typically, if you efile 1099 and W-2 forms for clients, you’ll see results faster than mailing paper documents.

If you’re doing tax prep, this tax season need to be focused on time management. Like most tax pros, your customers may have employees and sub-contractors in different places.

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