BOSTON--(BUSINESS WIRE)--As the health care industry develops new payment and delivery models to improve efficiency and help control costs, a new report1 from Fidelity Investments and the National Business Group on Health® (NBGH) reveals that physicians are cautiously optimistic that these new payment models may contribute to a higher quality of care and improved patient outcomes. The survey of 500 practicing physicians measured their opinions about emerging payment and delivery systems, and their views on the current payment model.
The new payment models, such as pay-for-performance, Patient-Centered Medical Homes and Accountable Care Organizations, tie reimbursement to quality and performance outcomes, whereas the current reimbursement model is based on services provided. The survey found that many physicians don’t think the current fee-for-service model is aligned with providing high-quality health care. Only 41 percent of physicians said this system is optimal for delivering positive patient outcomes. There’s even less confidence with doctors under 35 years old where that figure drops to 28 percent.
Physicians surveyed feel that alternative payment models may deliver a variety of positive benefits, including improved quality of patient care, greater efficiency of medical practices and improvements in overall patient health. When asked to rate the top benefit of alternate payment models on their practice, physicians ranked “positive impact on patient health” as the top-rated outcome.
According to the survey, many physicians have some experience with a new payment model, with 55 percent of physicians saying that they participate in some form of an alternate payment model, and more than one-third of participating physicians have been doing so for over three years. The survey also indicated that the majority of physicians are open to the idea of migrating to an alternative payment system – 80 percent of physicians would consider participating in a new payment model in the future.
“Employers are very interested in the role that emerging delivery models will play in improving health and managing cost,” said Adam Stavisky, senior vice president, Fidelity Benefits Consulting. “Managing health care costs remains a top priority for employers, and this survey highlights the emerging role that new payment models will play in improving quality and efficiency of delivering health care to employees.”
“At the end of the day, physician buy-in and support are crucial to the success of these new delivery models,” said Brian Marcotte, President & CEO of NBGH. “We are asking physicians to change how they engage their patients, manage their practice and get paid. The right resources, technology and analytics have to be in place to help physicians make this transition to deliver on the promise of improved patient outcomes and lower costs.”
About the National Business Group on Health
The National Business Group on Health is the nation's only non-profit organization devoted exclusively to representing large employers' perspective on national health policy issues and providing practical solutions to its members' most important health care problems. NBGH helps drive today's health agenda while promoting ideas for controlling health care costs, improving patient safety and quality of care, and sharing best practices in health benefits management with senior benefits, HR professionals, and medical directors from leading corporations. For more information, visit www.businessgrouphealth.org.
About Fidelity’s Benefits Consulting
Fidelity’s Benefits Consulting business helps mid- to large-size employers nationwide assess the effectiveness of their benefits programs. The business provides a comprehensive approach to benefits design, strategy, funding, communications and delivery by looking at clients’ health care and retirement plans before diagnosing business solutions. The group’s specialties include retirement and health care plan consulting, custom data administration, compliance and employee communication. Benefits Consulting has offices in Boston, New York City, London, San Francisco, Chicago, Raleigh, Dallas, Smithfield, RI and Merrimack, NH.
About Fidelity Investments
Fidelity’s goal is to make financial expertise broadly accessible and effective in helping people live the lives they want. With assets under administration of $5.0 trillion, including managed assets of $2.0 trillion as of January 31, 2016, we focus on meeting the unique needs of a diverse set of customers: helping over 25 million people invest their own life savings, nearly 20,000 businesses to manage their employee benefit programs, as well as providing nearly 10,000 advisory firms with technology solutions to invest their own clients’ money. Privately held for nearly 70 years, Fidelity employs 41,000 associates who are focused on the long-term success of our customers. For more information about Fidelity Investments, visit www.fidelity.com.
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1 Survey conducted in January 2016 by NBGH and Fidelity Investments, responses fielded online by ResearchNow. Survey respondents consisted of 500 US-based practicing physicians who spent 75% or more of their time treating patients.