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Our team had the pleasure of connecting with many Florida ACOs and their leaders as the diamond sponsor of the FLAACOs 2023 Conference.
Throughout our conversations, and in many of the sessions we attended, several prominent themes came up again and again. Here are our reflections on what we heard at FLAACOs and what it tells us about the state of value-based care in 2023.
The Transition to V28 Remains a Major Concern for Many ACOs
With 2023 rapidly coming to a close, VBC organizations are racing to find solutions that will help them accurately risk adjust under the new HCC V28 rules.
In 2024, CMS will begin to phase in V28 with a hybrid model that’s 34% V24 and 66% V28.
Based on our conversations and the work we’re doing at Credo to prepare our clients for the V28 implementation, we’ve identified 3 keys to success for VBC providers under this new model:
- A complete and accurate picture of each patient’s medical history
- Accurate and organized documentation to assure RADV compliance
- Guidance and support for organizations as they adjust to the rule changes
Provider Education is Vital for Effective Risk Adjustment
As organizations prepare for this transition to V28, it’s crucial to make sure that providers are equipped with the tools they need to succeed at risk adjustment.
In particular, we recommend implementing the following changes to support providers in the midst of this transition.
- Provide education about how common diagnoses map to new ICD-10 codes
- Set up new systems to begin the risk adjustment process before the patient’s first visit
- Automate your medical record retrieval and analysis processes
- Identify patients with the greatest opportunity for gap closure and encourage them to book an annual wellness visit
Automated Medical Record Retrieval is the Future VBC Organizations Need
It will surprise no one to hear that the pace of technological advancement in healthcare remains slow. But with the advent of V28, it’s more important than ever for VBC organizations to use every tool at their disposal.
Medical record management is one area with enormous room for improvement. Providers spend an average of 5 hours per week previewing patient information, and front desks spend 1.5 hours chart chasing every day.
The U.S. is spending $126 billion per year on medical record management, and many health systems are still relying on fax machines to transfer this important information.
An automated records solution like Credo PreDx will not only make your providers’ lives easier, it also has the potential to significantly drive down administrative costs while improving patient outcomes.
Prepare for HCC V28 with Credo’s Automated Record Analysis
At Credo, we're committed to providing providers with the tools they need to gather and analyze medical records, supporting accurate risk adjustment.
Credo PreDx empowers providers to identify HCC codes faster and more efficiently, and we’re making it possible to do this work before the patient encounter.
Leveraging the power of AI, we streamline the analysis process, saving you substantial time and money while also improving your coding accuracy and compliance.
To learn more about how Credo PreDx can transform your risk adjustment process, schedule a demo here.
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