The link between hospital revenue and value-based care is strong, according to the results of a survey of healthcare executives from hospitals across the U.S. conducted by Sage Growth Partners.
The survey, commissioned by VigiLanz, assessed the progress of the journey to higher value care and how the executives use data analytics, electronic health records (EHRs) and clinical surveillance tools to support their efforts.
Of the respondents surveyed, 94 percent identified as members of the C-suite, approximately 75 percent were from short-term acute care hospitals and 74 percent were part of larger healthcare systems or integrated delivery networks.
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According to the healthcare executives, the top five ways clinical surveillance can be helpful today are for: identifying adverse drug events, advancing antimicrobial stewardship initiatives, patient safety alerts, preventing inpatient infections and managing readmissions.
More than half of the respondents said that clinical surveillance solutions — monitoring patients at different points of care to anticipate or prevent occurrences from happening — probably or definitely improve quality performance. This could make clinical surveillance a key driver in supporting value-based care initiatives.
Nearly 25 percent of executives said that at least 31 percent of their revenue will be tied to value this year. About six percent said that more than half of their revenue will be tied to value.
Of those who solely used a third-party solution for clinical surveillance, close to 37 percent said that 31 percent of their revenue will be tied to value.
And according to David Goldsteen, M.D., CEO of VigiLanz, as hospitals continue to take on more value-based payment models, the return on investment (ROI) for clinical surveillance will grow.
Respondents from smaller hospitals that have between 50 and 99 beds were the slowest to adopt value-based contracts, with 25 percent having no revenue tied to value in 2019. Those from the largest hospitals with more than 1,000 beds were the most invested in value, with all having at least some revenue tied to it, and more than half having more than 21 percent tied to value.
Most healthcare executives (79 percent) agreed that clinical surveillance definitely or probably has a positive effect on ROI, and those who use a third-party solution were more likely to say it definitely has a positive impact.
Other key findings of the survey revealed that 96 percent of hospitals are using some type of clinical surveillance solution, either from a third-party, built in-house or as part of their EHR. And close to 30 percent of executives said they are considering using a third-party clinical surveillance vendor in the near future.
A majority of the respondents (88 percent) said clinical surveillance is extremely, very or moderately important to their organization.
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