As hospitals and health systems prepare for the future coming out of COVID-19, population health should be part of every organization’s strategy. Having been on both the provider and payer side of healthcare for more than 20 years, I’m bullish on the need to move to whole person care. At Hackensack MeridianHealth (HMH) our population health strategy is focused on providing patients the right care, at the right time, and in the right place. If we execute that approach successfully, we ultimately improve our patient’s quality of care and the life while lowering medical costs.
Controlling more of the premium dollar
It is essential for provider organizations to develop a viable financial strategy that enables greater control of the premium dollar through collaborative win-win contracts. This can range from taking on downside risk in payer contracts to owning your own health plan. At HMH, we recognize that most of our revenue comes from fee-for-service and shared savings arrangements today, but we are on a path to take on more value-based contracts and shared risk in the near future. As care moves out of the inpatient setting, we must be prepared to support the patient’s entire journey while managing quality and costs.
Clinical and operational transformation
Clinical transformation is essential to enable our providers to deliver the highest quality care while managing medical costs.