Every Medical Practice Will Eventually Need A Data Scientist
A Closer Look At Why Quality And Value-based Data Analytics Is Becoming Beyond Crucial Today, To keep Medical Practices Thriving.
Since the initial introduction of the value-based physician reimbursement model by the Center for Medicare and Medicaid Services (CMS) in 2008, the medical practice adoption of the payment model has been rather shiftless. According to a May 24, 2022, MGMA Stat poll, only about 40% of medical practices have incorporated quality in their physician compensation procedures.
Even though fee-for-service has invariably been the central reimbursement model for 3rd party private payers, nonetheless, based on a recent report today, seemingly private payers are outpacing the CMS in adapting the merit-based payment scheme.
Among the medical practices, medium to large entities, including Accountable Care Organizations (ACO), constitutes the large portion of the medical practices that have at least partially adopted some form of Value-based payment model.
Based on a report published by the Medical Group Management Association (MGMA), it is clear that medical practices, be it small or large, may have the opportunity to dodge the value-based reimbursement model…
