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September 25, 2018
Reducing Cancer Costs: Lessons from Leading Oncology Practices
Media: Healthcare Financial Management Blog
As risk-based contracts become the norm for hospitals and health systems, engaging physicians in initiatives to decrease costs and optimize the health of specific patient populations is essential. Oncology is an area often targeted for expense reduction and outcomes improvement in population health management programs because of the high number of cases and exorbitant cancer care costs.
As the second leading cause of death in the United States, cancer presents clinical and financial challenges to healthcare organizations. Cancer care costs commonly are two to six times greater than Medicare limits according to a recent analysis of Medicare billing records across more than 3,000 hospitals. And when oncology services are mismanaged, the financial impact can be substantial.
One of the biggest challenges encountered by healthcare executives is physician hesitancy to change care delivery practices to support value-based care and risk-based payer agreements. Best practices and lessons learned can be ascertained from a unique stakeholder—oncology community group practices.
Excerpt from Healthcare Financial Management Blog