Midbrook Medical: How to survive and prosper with the new standards brought on by the Affordable Care Act.
Last week was the ACE Summit & Expo in New Orleans, a top-shelf education program with a reverse expo format that provides an experience for senior healthcare executives and their solutions partners.
The overall theme of the event seemed, naturally, to focus on the Affordable Care Act. As a result, Midbrook Medical officials have compiled the following expert opinion on how the Affordable Care Act is affecting the future of the Healthcare Industry.
Top 5 Tips for Surviving in the New Reality of the Affordable Care Act
- Understand that this Act will not be Repealed
Despite many opinions, the Affordable Care Act is not going anywhere. However, there is possibility that revisions will continue to improve the conditions. Vendors and health systems must play a role in this dialogue.
- Take Note of the Coming Trends
Industry leaders at the 2013 ACE Summit in New Orleans indicate that there will be a “Significant Appetite” for capital equipment over the next 10 years. Healthcare executives have been delaying large purchases. Like many Americans, healthcare facilities have been hesitant to make big purchases over the last few years and are starting to feel the need to buy capital equipment. With any increased demand situation, the supply options get greater as well.
- Focus on Quality not Quantity
Now when healthcare organizations start to consider these capital purchases, they begin to make decisions based on actions that result in greater quality of care. Despite every organization’s already stretched budget, they are starting to see the long-term value of making quality purchases that enhance patient health and experience. The desire to keep beds full is being replaced with the desire to keep patients that are there satisfied and healthy. The decisions for replacement equipment are being made based on the new equipment’s ability to provide quality care and improve the overall patient experience.
- With Great Quality Comes Great ROI
The trick to increasing your ROI is involving those involved. It sounds intuitive however, it is only more recently that healthcare organizations are considering the full cycle of a patient’s recovery process. With required reporting and non-reimbursement for re-admissions, the focus is now two-fold: make sure no harm is done during the initial procedure (i.e. assure no hospital acquired infection is transmitted) and make decisions based on input from clinical engineering in order to develop an equipment replacement strategy with an eye toward making the overall community healthier.
- Remember, if You cannot Measure it, You cannot Improve it
The saying holds true in healthcare too. Expect to be measured and plan accordingly. With the Affordable Care Act, hospitals receive reduced payments for hospital re-admissions. Organizations now have to budget for their own measurement tools in order to ensure patients are not ending up back in the hospital.