The term “value-based” has become a buzz phrase over the past few years. Yet the jury is still out as to the success of many of the efforts fostered by the Center for Medicare & Medicaid Services (CMS), as well as many payers. Some practices have realized benefits while others have not. Be that as it may, the future will be built upon changes in how practices are paid — and how they respond to those changes.

It’s not enough to think that joining the value-based movement, either directly or through collaboration with others, will lead to your success. Your practice leadership must understand and anticipate the impact of these changes and develop an internal strategy to survive — or ideally, thrive.

Focus should be placed on four key areas: patients, people (staff and clinicians), partners, and analysis.

1. Patients

Patients are the sole reason your practice exists. Enough said.

2. People

From the initial phone call to the clinician visit to the final bill, the people who support your patients are critical to the success of your practice. Achieving high patient and employee satisfaction scores and quality care outcomes isn’t possible without them. To support them, you need detailed coordination of effective and efficient systems that facilitate smooth flow, adequate communication and recognition of the team for a job well done.

3. Partners

Collaboration with partners or members of your supply chain can have a direct impact on the success of your operations. Developing and maintaining positive relationships with these external influencers is vital.

4. Analysis

Establishing, monitoring and reporting on various financial and performance metrics will help confirm your successes, highlight challenges and pinpoint opportunities for improvement.

A holistic approach to change

Measuring success solely by focusing on the bottom line leaves out the patient — the reason you’re in business. Putting patients first and foremost, followed by staff, partners and analysis, will help you develop and implement meaningful improvement actions that will lead to a prosperous business.

This might necessitate a change in your focus, processes and overall practice culture. This transition can be difficult to manage. A transition is not a linear or short-term undertaking; rather, each individual involved must receive the appropriate tools, training and time to help position the practice for value-based success.