Accountable Care Organizations (ACOs)
Accountable Care Organizations (ACOs) are groups of healthcare organizations (practitioners, hospitals, and other care-giving organizations) who team up to give coordinated, high quality care to the Medicare beneficiaries they serve. The goal of coordinated care is to ensure that patients, especially the chronically ill, get the right care at the right time, while avoiding unnecessary duplication of services and preventing medical errors.
The core mission of an ACO is to provide better care for Medicare patients, thus saving money for both the providers and patients, while helping to control waste in the Medicare system.
Track 1+ Model ACOs assume limited downside risk, less than Track 2 or Track 3. Track 2 and 3 ACOs may share in savings or repay Medicare losses depending on performance. Track 2 ACOs may share in a greater portion of savings than Track 1 ACOs. Track 3 ACOs take on the greatest amount of risk but may share in the greatest portion of savings if successful.
Why are ACOs important?
Providers within Accountable Care Organizations share both a financial and medical responsibility to keep their patients healthy.
By providing care within a specified network, losses and inefficiencies will be lowered. Ideally, benefits can be realized for both patient and provider:
- Better care for patients, especially those with chronic disease.
- Less waste in the Medicare system.
- Physician-driven treatment.
- Financial incentives for successful ACOs.
What you can expect
For providers, operating successfully within the ACO can lead to financial rewards. For patients, lowered overall billing and lack of duplicative services should allow them to see less money spent for higher quality care.
How ReportingMD can help
Achieving population health management and leveraging each component of your organization (hospitals, physician practices, administrators, enterprise partners, community services, payers and patients) are the keys to success in managing your ACO.
ReportingMD provides a comprehensive solution, which overcomes the challenges of working with multiple EHRs and disparate data sets. Our analytic solution provides the ability to aggregate data from multiple sources into a single valuable tool, providing actionable insight into patient care across a broad selection of quality measures for both public and commercial payers.
ReportingMD offers a flexible approach that seamlessly integrates with your organization’s infrastructure.