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Five Steps to Monetizing the Value of Your Care
The time has come for organizations with superior outcomes to translate that critical asset into revenue. From defining your care model to refining your processes, here is how to monetize care value.
Olmsted Medical Center’s 80,000-square-foot Women’s Health Pavilion assembles all women’s health services under one roof. Offering a high-quality, cost-effective patient experience, the pavilion provides a successful niche for the 65-year-old Minnesota health system.
Across the street from the pavilion in Rochester, Minn., is the Mayo Clinic, the 1,132-bed general medical and surgical facility that is one of the best-recognized hospitals in the country, if not the world. For several years now, Mayo, along with other established brands like Cleveland Clinic and Johns Hopkins, have partnered with employers to extend their geographic reach and challenge existing players.
Recently, Johns Hopkins joined three other renowned hospitals in announcing they would serve as initial participants in a national Employers Centers of Excellence Network offering knee- and hip-replacement surgeries for several major self-insured employers. Mayo Clinic has since expanded its COE program with Walmart to include three types of cancer.
The goal behind these programs is simple: to deliver high-value outcomes at the lowest possible cost. The participating institutions provide all the appropriate care patients need, at the right time, in the right place, by the right people and in the right way. With these programs, hospitals and health systems are translating superior outcomes into revenue. In other words, they’re monetizing care model value.Read More
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