By Katie Kyne - August 03, 2020
At a time when health care costs are at an all-time high and Americans are preparing for millions of baby boomers to enter their retirement years, many are questioning how we will have access to affordable, high-quality care.
One way hospitals are achieving this is through programs with insurance companies called alternative or value-based payment models. Typically, hospitals are reimbursed for each individual service provided, which in certain circumstances can create incentives to prioritize quantity of care over quality. In a value-based program, hospitals instead are incentivized to meet certain quality standards or find efficiencies that result in fewer readmissions, streamlined care and improved patient satisfaction.
In 2013, when these alternative models were just emerging in the health care industry, Moffitt Cancer Center and Florida Blue teamed up to stay ahead of the curve and prepare for the socioeconomic trends of our state. In the seven years since the partnership was forged, the population of Florida has increased by nearly 10%, with its retirement-age population growing at the fastest rate. This growth has resulted in an ever-increasing need for high-quality, affordable cancer care throughout our state.
"Moving away from a fee-for-service model to an alternative payment model allows us to focus on the value we provide our patients"- Jack Kolosky, Moffitt’s chief operating officer
“Moving away from a fee-for-service model to an alternative payment model allows us to focus on the value we provide our patients,” said Jack Kolosky, Moffitt’s chief operating officer. “There is a lot of redundancy in health care, and we are developing ways to be more effective and efficient, resulting in better experiences for our patients.”
Together, Moffitt and Florida Blue focused on common cancers and identified quality metrics for the program, which the cancer center consistently met. In addition, Moffitt implemented projects that focused on access to supportive care and advanced care planning, while developing strategies to reduce inpatient readmissions.
“We understand that cancer care is expensive and puts a strain on families,” said Cindy Terrano, vice president of Payer Strategies at Moffitt. “We want to reduce these costs and make it more affordable, while maintaining our high quality of standards and delivering the best patient experience possible.”
“Our partnership with Moffit illustrates the deep commitment of both organizations to providing high quality affordable health care,” said Chuck Divita, Florida Blue executive vice president of commercial markets. “Over the past seven years, Moffit has demonstrated a consistent ability to provide the best possible outcomes and to positively impact the total cost of care.”
Moffitt and Florida Blue will continue to collaborate to identify opportunities that will not only reduce costs, but also lead to a better patient experience with better outcomes for people throughout Florida who are facing a cancer diagnosis.