Miss Deirdre Baggot in the Heart of Healthcare Bundled Payments
With healthcare being a rising issue worldwide, several payment innovations have been put in place to counter the rising need for an efficient healthcare payment system. On October 2018, the unveiling of the next generation of the Alternative Payment Model was commenced by the Centers for Medicare and Medicaid. Ms. Deirdre Baggot, discusses this unveiling calling it a value-driven agenda that for the past 18 months has been riddled with ambiguity.
Ms. Deirdre Baggot is a healthcare business strategist with years of experience. From starting her journey in the healthcare industry with a Bachelor Degree in Nursing from the University of Southern Illinois and a Master of Business Administration from Loyola University Graduate School of Business. Furthermore, she holds a Certificate in Healthcare Leadership from the University of Pennsylvania Wharton School of Business. Finally, She obtained a Doctorate of Philosophy from the University of Colorado. Find out more about Baggot at Resumonk
Ms. Baggot is no stranger to the healthcare industry with years of experience at the Northwestern Memorial Hospital and the University of Michigan Health System. With a spot as a senior vice president for GE Healthcare Partners in California, one of her projects during that time earned the company an annual $6.6 million result. Furthermore, she has written over 20 academic publications on bundled payments and the evolution of payment transactions.
The APM models involve providing quality service and the complete repayment of the cost of care measures. More advanced APMs provide clients with a high revenue with a trade-off where providers accept risks regardless of patient consequences. A bundled payment refers to a situation whereby a paying client revokes a single fixed settlement fee of all the care and services provided to a certain patient during a specified period. If the hospital staff provide a service less than what was expected, the client receives more than the initial cost agreement. If the hospital staff over exceed expectations than what was the determined bundled price, they are set to be paid much less.
Bundled payments for Care Improvement-Advanced Initiative (BPCI-A) qualifies as an APM in that it meets the three based qualifications: utilization of EHR (electronic health record) that is certified, payments are made based on quality of service akin to the MIPS requirements, and the candidates carry a higher nominal amount in regards to financial risk. Due to the double-sided risk of the voluntary bundled program, hospital staff is tested with CMS if they qualify for the 5% bonus by receiving feedback from patients. March 31st marks the date for the first QP determination.