Business Solutions: Humana's Dr. Alex Ding on Advancing Value-Based Care
Download MP3In this episode of the MGMA Business Solutions podcast, Dr. Alex Ding, Associate Vice President of Physician Strategy and Medical Affairs at Humana, discusses the progress and evolution of value-based care in healthcare. Dr. Ding shares key findings from Humana's 2023 Value-Based Care Report, highlighting the successes, challenges, and strategies for implementing value-based care arrangements. The conversation explores the impact of value-based care on healthcare quality, patient experience, and cost reduction, as well as the potential for further expansion and evolution of these models in various healthcare sectors. Dr. Ding also provides advice for providers interested in transitioning to a value-based care approach.
Takeaways:
- Value-based care has shown significant progress over the past decade, leading to improvements in healthcare quality, patient experience, and cost reduction.
- 70% of Humana's Medicare Advantage members are now under value-based care arrangements.
- Value-based care models promote a preventative and holistic approach to patient care, resulting in deeper engagement, stronger relationships with physicians, and more personalized care.
- Opportunities exist to expand value-based care arrangements to more providers and healthcare sectors, including specialty care and home health.
- Challenges to wider adoption of value-based care include the need to balance fee-for-service and value-based care incentives and the complexity of the transition process.
- Organizations like Humana can support the shift to value-based care through research, education, advocacy, and direct partnerships with practices.
Resources:
Music:
"Slow Burn" by Kevin MacLeod, courtesy of Free Music Archive, CC BY-NC-SA
"Slow Burn" by Kevin MacLeod, courtesy of Free Music Archive, CC BY-NC-SA
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This episode of the MGMA podcast is brought to you by Walmart Business. It’s the Walmart you love, now for your business. Get everything you need for your staff & patients in one place. Enjoy big savings on health & safety products, cleaning supplies, OTC medications & much more. And don’t forget the break room snacks! Create a free account today and start shopping at business.walmart.com. Again, that’s business.walmart.com.
MGMA Analytics:
"The popular buzzword we've been seeing everywhere is AI. But what we all want to know is how we can implement and use it to our advantage. When it comes to improving margins, accelerating cash flow, and optimizing staff performance, there's a one-stop shop using cloud-based predictive analytics. MGMA Analytics is your AI-enabled tool that upscales technology you're already paying for, so you can silo your disparate systems and make data-backed business decisions. Visit mgma.com/analytics and see how AI can revolutionize your finances and operations."
