Deirdre Baggot, Ph.D., is a business strategist in the healthcare industry. She started out as a nurse and in an academic setting but 10 years into her career she switched to consulting after being encouraged to do so by the chief executive officer of a company she was serving as an executive at.
To date, she has helped more than 2000 hospitals make the switch to a bundled payment system. How this work is that doctors and the hospital they’re at receives a set fixed payment for providing medical services. This amount is pre-determined based on what condition the patient has. If the hospital can deliver care under this amount they make additional money and if not they hurt their bottom line. Learn more about of Deirdre at visualcv.com
The goal of bundled payments is to not just bring down the cost of treating patients but to also improve their care. They don’t receive unnecessary tests and the focus is simply on making them better. These are value-based payment models and have been shown to work for everyone.
Deirdre Baggot says that there have been healthcare companies that have poured in over $1 billion into their electronic health medical records system and yet they still couldn’t tell anyone how much they spent treating people for a particular illness versus other healthcare firms. She says that bundled payment systems are better and easier because the technology requirements are lower.
The biggest challenge, she says, is getting doctors and other healthcare providers thinking very differently about how they approach things. They often want to run a battery of tests to rule everything out no matter how remote the prognosis may be. The result is that the costs of healthcare skyrocket and everyone loses. Deirdre Baggot says that there is a better way and she finds it exciting to find out just what is possible.