Executive Summary of ACO

Executive Summary of ACO

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Executive Summary of ACO

Accountable care organizations are a new concept that has changed the medical field drastically. Several physicians have joined such organizations with a certain number with contrary opinions. However, this formulation is what I could term as the medical turning point. ACO’s often includes a group of medical personnel that often come together with united goal of providing wholesome and quality care to their patients. This is one of the rising business strategies whose main is to ensure that in as much as business is being transacted; the patient gets all the care they need in a timely and convenient manner .

Several healthcare organizations would accept Medicare patients. The one covered in this discussion is a high-end hospital within the city. The hospital has several physicians that are part of the ACO program as well. This makes it in a better place to take in the ACO program .

There are several advantages appended to joining an ACO. To begin with, it allows for minimizing of costs incurred during hospital visits and thus allows for increased savings by the physicians. Most ACO physicians achieve this by practicing preventive medicine. This is done by ensuring that diseases and conditions that can be prevented either by way of prophylactic medication, lifestyle modifications and even vaccinations occur in a timely manner. This allows the physicians to save on unnecessary costs by the patient and the hospital as well.

The second advantage is that it enables strategic partnerships with other organizations, which foster businesses much better and enable progress. Next, it allows for good customer base by allowing better and larger access within the provider networks. Fourth, it allows for increased retention of patients. It also facilitates acquisition of new patients. Those patients that are captured under the Medicare are easily retained by the hospital in which they seek care. By so doing the hospital and those physicians retain several clients, which has high advantages to both the physicians and the hospitals. Finally, it also allows the patient to access several advanced technologies that help in the further management of the patient .

There are several funding, which are available to the facilities that accept to use ACO. This is because, other than getting their savings through the profits obtained in business, they often receive allocations and incentives from the government. This occurs on the occasions where studies are needed and it has been ascertained that the Medicare program is highly beneficial to the community at large. The types of ACOs recognized by centers for Medicare and Medicaid services include Medicare shared savings program. This allows for coordination of services among the different service providers to ensure that mainly the fees for service beneficiaries do not undergo unnecessary costs.

Next is the Advance Payment Model. The physician based and rural providers mainly use this. In this scheme, the caregivers are given advance payments to utilize in their care coordination in the event that they are unwell. The third type is the Pioneer ACO Model. This type no longer accepts applications. It enables coordinated care for all patients across the medical care field and has a tracking system .

The industry dynamics that would influence my organization’s decisions to participate in an ACO include the surrounding community’s attitude towards the same, the projected profits that would arise, the opinions and strategies of the physicians in my organization about the ACO and the total number of patients received in a month together with the total profits made .

The steps involved to participate in an ACO include primarily, discussing with the available physicians and assessing whether they are pro ACO or against since, this can be a limiting step in the progress. Next is to decide on the type the use in the organization. Thirdly, one needs an assessment of the population health needs and their capabilities as well. This will enable one to decide whether the idea is viable or not.

This will also allow one to understand the type of market they are dealing with. Following these steps, one can then go ahead and start up an ACO program. My justification for the participation in an ACO is based on the fact that these systems have been seen to bring out the best profits. They also allow for patient care in a holistic manner to enable early diagnosis and specialized treatment at all levels and finally, it is a business strategy that when well incorporated leads to maximum profits .