Chronic care management has been instrumental in improving care for those with chronic illness. Medicare patients everywhere are gaining access to top of the line coordinated care that is helping them in a multitude of ways. Simplifying their care by connecting all of their providers and making sure their care load is manageable, patients who utilize this program are also reporting higher satisfaction.
Providers everywhere are also utilizing this program to improve the lives of their patients and also grow their bottom line. The centers for Medicare and Medicaid Services implemented a reimbursement program for providers, helping them get paid more for better patient care. Providers who choose to outsource chronic care management are seeing the most financial benefit from this program and will continue to grow in 2023.
The Financial Impact of Chronic Care Management
New Stream of Revenue
Through the reimbursement program created by CMS in 2015, providers are able to introduce an entirely new stream of revenue to their practice. This revenue is created when providers get paid for delivering chronic care management to eligible patients. Practices can earn up to an additional 85k per year per billing provider within their organization. While there is no guarantee that providers will earn that much from offering this program, there are ways to ensure success. Outsourcing chronic care management services is a great way to optimize any revenue you might receive from the program.
Reduced Staff Cost with CCM Services
In-house operations can be expensive to implement and run. Not only this, but they increase the administrative burden across your organization. Implementing a well-run Chronic Care Management program is a huge time commitment that your practice might not be prepared to take on. By outsourcing CCM services to a qualified vendor, you can alleviate this burden and still receive all of the benefits. Experienced vendors know what it takes to run a successful program and can help you do that. This will reduce the staffing cost for this program, helping protect your bottom line.
Increased Patient Coverage
Half of all adult Americans have at least one chronic condition. As more and more patients are covered under Medicare, now is the best time to implement a quality CCM program. This increase in patient coverage means more of your patients are eligible than you may realize. Implementing a program means more reimbursements for your organization and the growth of your bottom line.
Other Benefits of Chronic Care Management
Care Coordination
Care coordination is changing the lives of patients everywhere. With monthly check-ins, scheduling assistance, and constant communication, patients gain better control over their conditions and care. This is helping patients everywhere avoid being overwhelmed by their complicated care plan.
Medication Reconciliation
Patients with multiple chronic conditions can often encounter conflicting medications or treatment plans, especially if they are seeing multiple providers. CCM vendors help to reconcile and discrepancies across a patient’s care so that they are always on the right track.
Improved Health Outcomes
Patients who utilize chronic care management often achieve more positive outcomes than without it. Patients get a better grasp on their treatment plans, adhere to them more effectively, and achieve more positive outcomes than without.
To learn more about a quality Chronic Care Management program, click here.
