Finance execs plan tech investments to ramp up value-based payments

According to tax and advisory firm KPMG, 74 percent of healthcare providers say they are either in the beginning stages or have not even begun to invest is systems for analytics and financial reporting.

The move from fee-for-service to value-based payment will require a complete change of strategy for health systems, but according to a new survey, it’s going to take an investment in technology as well.

According to tax and advisory firm KPMG, 74 percent of healthcare providers say they are either in the beginning stages or have not even begun to invest is systems for analytics and financial reporting.

"It has never been more crucial for providers to prepare their finance departments to address the demands that new care delivery models, such as accountable care organizations and alternative payment arrangements, will present as the industry moves away from fee-for-service reimbursement mechanisms," said Joe Kuehn, advisory partner at KPMG's healthcare & life sciences practice, in a statement. “Finance departments will need to prepare to manage these challenges and have better systems to measure performance against established targets including the cost and quality of care for example, so they can manage in this new environment."

When it comes to the tech, though, where finance teams plan to invest varies. The chart below shows the six most common tech tools associated with value-based payment, and the percentage of healthcare finance officers who plan to invest their system’s money in that technology.