On this episode of A&M Conversation With, Managing Director Dr. David Gruber sits down with Managing Director Jay Burkett to discuss the essentials of risk management.
Part V - Provider Survival Strategies: Payment Reform Risk Management
The transition from fee-for-service to value fundamentally alters the risk profile of a provider. A&M has generated the concept of a provider hybrid, defined as “a provider with the risk management understanding similar to payers, but without the depth of investment, capabilities and regulatory approvals necessary to actually create a joint venture or sponsor a health plan.”
In this article, the essentials of risk management including identification, assessment, prioritization and control are defined. We also discuss expense management (managing demand, limiting the volume of services and steerage), managing care to best outcomes, contracting, network creation and capital requirements. Risk management is becoming essential to future provider success.