Standing up in a canoe is hard enough. Standing up in two canoes with one foot in each while traveling through Class 4 rapids is mind-boggling.
Class 4 rapids are defined as “intense, powerful but predictable rapids requiring precise boat handling in turbulent water. In many ways that sounds familiar to the turbulent waters providers try to navigate as they transition from volume-based reimbursement to value-based reimbursement. One small error in the timing of the transition, either too early or too late, could lead to bankruptcy.
In a recent New England Journal of Medicine Perspective article, Michael Porter and Thomas Lee outlined the importance of strategy in remaining viable as healthcare reimbursement models change. They outlined six key areas that provider organization leadership must focus to remain in business. If applied correctly, health information technology can assist leadership in answering each of the questions posed and set organizations on the correct path to achieve success.
Excerpts from: Strategic Operational Plans. PSQH, May/June 2015