CaroMont Health and two healthcare technology vendors will work together on several initiatives aimed at tackling the rising costs of delivering healthcare, officials announced in June at the annual conference of the Healthcare Financial Management Association in Las Vegas.
CaroMont Health in Gastonia, N.C., is a regional, not-for-profit healthcare system composed of 435-bed Gaston Memorial Hospital, a 96-bed skilled nursing facility, a hospice and a network of 44 primary and specialty physician offices.
CaroMont's first initiative – a bundled payment pilot designed to provide quality care at competitive pricing, improve care coordination and align hospitals and physicians on cost savings incentives – is slated to begin by the end of this year.
"We are passionate about expanding care delivery beyond the acute care center," said CaroMont Health President and CEO Valinda Rutledge. "This bundled payment pilot allows improved care coordination across the full continuum, which includes our community-based partners. Our vision is to be a nationally recognized leader and valued healthcare provider to the communities we serve, and we feel this is a step in the right direction."
CaroMont Health will partner with local employers and payers to institute cost-effective payments that cover both hospital and physician fees for a full episode of care, executives said. They said the existing system of fee for service, fragmented care and complex billing will be replaced with a population-focused and transparent model.
The pilot will cover a range of CaroMont Health's most recognized services, and outcomes will be regularly tracked to measure program success.
Joining in the pilot are healthcare information company Sg2 and GE Healthcare Performance Solutions. The Sg2 INSIGHT Clinical Performance Management System will track key metrics, including potentially avoidable admissions and 30-day readmissions, and identify specific areas of improvement to help CaroMont Health enhance clinical integration and physician alignment.
"CaroMont Health understands the provider of the future must demonstrate value through the coordination of patient needs, clinical decisions, operations and logistics, along all inpatient and outpatient care sites," said Sg2 Chairman and CEO Michael Sachs. "This pilot will help CaroMont Health ensure effective use of resources, superior clinical outcomes, cost-effective care and, ultimately, a better patient experience."
GE Healthcare's team will help implement performance recommendations through process optimization, workflow and quality improvement.
"This collaborative effort between CaroMont Health, GE and Sg2 will ultimately help CaroMont lead in developing innovative patient and community-focused care delivery models," said Mark Vachon, president and CEO of GE Healthcare Americas.