Introduction
Chronic illness affects nearly 50% of the population and accounts for 80% of health care costs. The good news is that this statistic can be turned around by providing better chronic care management to patients. This allows physicians to provide enhanced quality of care, increase profitability and patient engagement, while increasing revenue at their practice—all in one solution!
Enhanced quality of care
When a patient has a chronic condition, it's not easy for them to stay on top of their health care. They may have trouble getting to appointments and managing your medications or might just feel overwhelmed by the number of people involved in your care process. That's where a dedicated care coordinator (chronic care manager) comes in—a professional who can help coordinate all the different aspects of your treatment plan and make sure everything is going smoothly.
Here are some ways that having a CCM can improve the quality of your care:
- Increased patient satisfaction—Patients with chronic conditions often suffer from depression, anxiety, and other mental health issues. A Care Coordinator can work with patients over time to address these issues so they're better able to manage their health on their own terms.
- Reduced readmissions—Chronic conditions mean longer hospital stays for many people each year; managing them more effectively means fewer repeat admissions after discharge.
- Lower mortality rates—Studies show that up to 40 percent of patients who go into hospitals for one reason will die within 30 days from another cause unrelated to their initial admission.
- Fewer hospitalizations overall—If someone has been hospitalized three times in six months due to their asthma or diabetes or heart failure, there are likely underlying problems in their life (such as depression) that aren't being addressed by just treating symptoms every time they come back through emergency room doors again.
- Fewer falls among nursing home residents - Residents living in long-term care facilities typically live longer than those without such facilities but at much greater risk because they don’t receive regular checkups from physicians who could identify issues early enough before they become major problems requiring hospitalization.
Profitability
The value of the Chronic Care Management is that it improves revenue, reduces costs, improves patient experience and engagement, improves quality metrics and staffing.
- Improved Revenue: One study found that among patients who received a CCM intervention, one-third had their annual medical costs reduced by more than $1,100. For those with chronic conditions that required frequent follow-up visits or medications over time, this was even higher at close to 50%. The average cost savings was $1,200 per patient each year.
- Reduced Costs: There are many factors that can contribute to decreased costs for patients who participate in a Chronic Care Management program including reduced office visits (both urgent care and primary care), decreased hospitalizations and fewer specialty consultations. Patients also reported having less pain overall which can lead to fewer sick days from work or school due to illness or injury. This ultimately leads to fewer missed days at the workplace while increasing productivity during those hours worked – both of which result in increased revenue!
Patient engagement
Patient engagement is the process of engaging patients in their health care. It can be achieved through patient portals, telemedicine and other technologies. Patient engagement can improve patient satisfaction, reduce costs and result in better outcomes for chronic illnesses such as diabetes or heart disease.
Revenue
The implementation of a chronic care management program can have a significant impact on your practice's bottom line. The benefits include:
- Increased revenue by charging for services and increasing patient satisfaction, retention and referrals.
- Improved productivity due to less time spent managing chronic conditions.
Chronic Care Management allows practices to improve quality and patient experience, while providing them with additional revenue.
Chronic Care Management (CCM) is a process that helps practices of all sizes improve quality and patient experience while providing them with additional revenue.
The process enables patients to have a more predictable course of care, which improves their overall health and well-being. CCM can also help you:
- Improve quality metrics by eliminating unnecessary visits and tests, reducing emergency room use, controlling costs through a targeted approach to care coordination and adherence management, or decreasing hospital readmissions
- Improve patient experience by giving them better access to their medical records; improving the scheduling process; increasing coordination between providers; making sure patients feel safe; preventing errors due to incorrect medications being given at home
Conclusion
As you can see, there are many benefits to implementing Chronic Care Management. This is one of the most effective ways to improve your practice’s financial health and patient experience. If you want more information on how Chronic Care Management can help your practice, contact us today!
