How Value-Based Care Not Only Survived but Thrived Through COVID-19

Sep 09, 2020

Very few physicians and providers woke up in January 2020 believing that they might be prohibited from delivering care to patients, find themselves furloughed, or even face termination. The national physician shortage gave physicians the comfort that not only were their jobs safe, but they were in fact in the driver’s seat. Organizations paid ridiculously high fees to fill difficult jobs with locum tenens physicians. Hospitals and healthcare systems crisscrossed the country buying practices and offering contracts to physicians to solidify patient pipelines. 

Enter March and COVID-19. Our fee-for-service reimbursement model screeched to a halt when any non-virus-related healthcare was eliminated. Physicians enjoying healthy practices and incomes suddenly sat at home, wondering what happened. Locum tenens physicians were escorted out the door and non-emergency physicians were furloughed or in some cases had their contracts canceled. No services – no fees. 

Unless of course, you had the foresight to join a value-based patient care practice. In April, I was fortunate to garner an invitation to a happy hour hosted by Dr. Faisel Syed and Dr. Daniel McCarter with ChenMed. Dr. Syed is the National Director of Primary Care and Dr. McCarter is the National Director of Primary Care Advancement for ChenMed.  

Expecting to hear the same doom and gloom messages, that I typically heard coursing through the industry, I was pleasantly surprised to find Drs. Syed and McCarter decidedly upbeat and energetic. When I asked about the impact ChenMed was seeing from the pandemic, the response was surprising. “No real impact, except that we are seeing our patients via telemedicine.” What??

I learned that ChenMed delivers full-risk value-based care to senior citizens in ten states across the southeast from Florida to Chicago. Value-based medicine rewards physicians for providing individualized care for each patient that is proactive, preventative, and patient centered. Patients in a value-based care practice receive ongoing treatment for chronic illness designed to prevent the acute situations that can often accompany underserved patients, requiring emergency room visits.  

“We need to stop paying for sickness and start paying for health,” said Dr. McCarter.

In a full-risk value-based model, the physician is paid to keep the patient healthy and they receive their reimbursement up-front. “ChenMed physicians see an average of 350 to 400 patients when an average primary care physician might see 2,500 or more,” explained Dr. Syed. 

Lower patient panels mean physicians and support teams are free to build deep, trusting relationships with their patients. Physicians who understand the many socioeconomic challenges the patient may face, can create a treatment plan the patient can adhere to. For example, caregivers at ChenMed frequently arrange transportation, ensure access to food and supplies, and monitor and treat mental health issues to name a few. This total patient view results in greater patient adherence to treatment.

Dr. Syed passionately believes that value-based care is the cure for a healthcare system in crisis. He says, “If you’re treating the symptoms without looking into the root causes — stopping the runny nose, but not what’s causing it; getting the blood sugar down, but not looking into what’s making it a problem — that’s bad medicine,” Syed says. “Good medicine, true medicine, is the patient and the doctor working together to reach a goal.” 

In the full-risk value-based care model, the physician accepts complete financial responsibility for their patient’s medical costs. The average senior citizens spend a significant percentage of their retirement income on healthcare. That retirement income often determines the quality and quantity of care that the patient has access to. It is widely known that the more money you have, the better care you receive.

Not at ChenMed. Income has no impact on quality or frequency of care. Care is delivered equally to each patient as they need it. And they can back those claims with facts. In a report published by The American Journal of Managed Care, ChenMed patients reduced ER visits by 33.6%. 

We were so impressed with the passion and message we heard from Dr. Syed and Dr. McCarter, we asked them to share their message at one of our Inline Sessions on healthcare in July. They graciously accepted and their session was one of the most attended. If you were unable to attend that session, or you are interested in hearing from physicians who are both energized and enthusiastic about the future of their medicine, you can view the session here. Drs. Syed and McCarter offer a variety of ways for you to learn more about value-based medicine. We are certain that we will hear a great deal more, as ChenMed moves west.

Tags:

Recruiters


Articles

Related Articles

21 Jan 2020
Student Loans: Get Off My Back!

Many students, past and present, deal with the necessary haggle of student loans; especially for those pursuing higher education. A survey completed by the AAMC in 2015 states that medical students in particular who graduated that year carried on average $182K in debt, while those who graduated in 2016, rose up to $190K, with nearly 25% carrying more than $200K. Pretty substantial, and frankly “scary” numbers for a medical student. In additional to this burden, about 33% of these students still carry a debt from their undergraduate studies, which is typically around $24K.

Now that we've fed you the veggies, how about some good news? Once you matched into a residency program, the general salary for a first-year resident is $52.5K. Though you may not be jumping out of your shoes, there are many programs available beyond your initial salary that can help you chip away at those lingering debts. For example, a ten-year plan would pan out to about $2,000 per month in payments (with $182K in loans). 

Solution number one is to finance your debts through a private lender. This could provide you with a lower interest rate, but you’ll have to pre-qualify first via few factors, including your credit as well as your current income. Solution number two is to consider working for an organization in a state that offers a student loan assistance program. Though it varies by area, certain states can knock away a considerable piece of those loans in just a few years. In Texas, the Physician Education Loan Repayment Program offers up to $160K for over four years of practice in a Health Professional Shortage Area (HPSA). In New York, Doctors Across New York provides an additional payment of up to $150K over a five-year commitment to doctors practicing in underserved areas.

The student loan forgiveness state programs are a valuable resource, and should be taken into serious consideration when deciding on a destination and facility of choice. Perhaps you’re thinking of immediate relief, or more of a short-term solution. To be honest, that is not really feasible with $200K in debt. But, when negotiating your “dream” role, it is important to use that as an opportunity to obtain a possible sign-on bonus as well as relocation assistance to help ease the burden, at least temporarily. Keeping a positive mind-set, and considering all possible solutions, can help you achieve your goals of financial growth and stability as a physician.

28 Jan 2020
What is Digital Marketing & How Can it Help Recruit Physicians?

When asked if they’ve “gone digital,” many companies will say, “Of course. We have a website, a Facebook page, and we send email campaigns!” While this kind of online presence is important, digital marketing consists of much, much more. 

Digital Marketing is an action. And not just a single action, but an ongoing, evolving action that empowers you to spend your marketing dollars as efficiently as possible. The first step is putting a piece of content online. What transforms this into digital marketing is the data.

Imagine you see an online job posting. You’re pleased with your current employer, but if a better opportunity presented itself, you’d be interested. In this case, you see a job with a great company and it would cut your commute time in half. You click on the listing, quickly scan it over, make a mental note to return to it later, and move on with your day. 

We all know what happens next: you completely forget you ever saw it. We all see thousands of ads per day. The odds of your one ad being remembered are slim. This is where digital marketing steps in. Remember the job listing you clicked on and forgot about? Since you engaged with the ad, you’ll eventually see a similar ad again. 

This retargeting empowers the workforce to see those jobs they are most interested in and inform themselves about the employer. It also empowers your organization to engage with candidates who have a strong interest in your opportunity. If you’d like to learn more about digital marketing for physician recruiting, click here to schedule a time to speak with a member of our business development team.

30 Jan 2020
How To Avoid Being a Job Hopper

As a physician or advanced practitioner, there are opportunities all over that can expand your experience and your skills, but when it comes to the best time to move from one job to the next is tricky. Everyone’s situation is somewhat the same in one way or another; the specialty isn’t what they expected or the facility wasn’t the right environment for them. Things happen, and wanting to change them for the better is completely understandable; but when it comes to consistently changing jobs year after year, that could potentially ruin your chances in obtaining your “perfect job.”

Before transitioning from one position to the next, ask yourself this: How long have I worked at this facility and how long was I at my previous job?

  • If your employment list is short, or you have worked at a facility for a couple years or more, the chances of being seen as a job-hopper is slim.
  • If you have worked with several employers, and have only been at each for a year or less, that may bring up concerns from future employers.
  • If you have worked with your current employer for a year or less, identify your reason for wanting a change.

Ask yourself why this position is not working out for you, is it because of salary, hours, or location? What position are you wanting to transition into and why? Carrying on from why you are leaving your previous position for another; what are you seeking to improve or gain more experience in?

Hopefully by identifying your job history and maintaining a balance when transitioning from one job to another, you should have no problem in avoiding job-hopping.