Accountable Care Organizations (ACOs) are teams of doctors, nurses, support staff, hospitals, and healthcare facilities that collaborate voluntarily for the benefit of Medicare patients, according to the Centers for Medicare and Medicaid Services (CMS).
ACOs are established to offer prompt and high-quality healthcare to those with chronic illnesses who are 65 years of age or older. There is no overlap in the services offered to patients in this approach because all healthcare service providers collaborate.
In the ACO model, only Medicare patients are covered. These are the folks who have chronic and advanced kidney disorders. Another important aspect of being an entity in the ACO model is, that all healthcare providers understand each other, and always refer the patient for further treatment in the same circle. Doctors and their support staff understand each other better, and can share the benefits of mutual resources whenever needed. They are not required to invest heavily in medical infrastructure and can share resources with each other.
The ACO model operates voluntarily. However, if it can be shown that significant efforts have been made to reduce the cost of services and there is a budget surplus, profit sharing may be allowed. In this arrangement, the service providers must likewise demonstrate that the patients are receiving high-quality medical care.
ACOs have a significant impact on the healthcare sector. They safeguard the supply of reliable, high-quality care for the elderly and spare them the anxiety of lengthy lines.
All healthcare providers must communicate effectively with one another in order to recommend patients for additional care within the same network, which is another crucial component of being an entity in the ACO model. When appropriate, doctors and their support personnel can share the advantages of their shared resources since they have a greater understanding of one another. They can pool resources and are not obligated to make significant investments in medical infrastructure.
The much-discussed and criticized Obamacare, the healthcare law that the United States government has been attempting to approve in Congress also includes the ACO concept. The concept attempts to set standard rates for healthcare services given and intends to help individuals who are in need of better healthcare. As a result, the government will have more influence over the fees that doctors charge their patients and how to set reasonable rates. Another benefit of this model is that patients will have the freedom to speak with and see any doctor within the framework, or even outside of it, without incurring any additional costs.
The P3Care approach also guarantees total patient care since if the healthcare providers in the model don’t deliver total care, they risk losing their contracts and not making any money.
Another benefit of the ACO model is that doctors and other healthcare providers will be able to increase their market share compared to now and continue to operate in the future despite the impending sequester cuts on the healthcare sector.
Although the goal of the concept is to deliver high-quality healthcare and related services to those who are in need of them, healthcare professionals may at first feel that they are being overly controlled by the government.
This model will guarantee that healthcare industry standards are raised generally and that patients, who will ultimately benefit, get the treatment and attention they require.
