I just came across a new survey by an independent firm to assess healthcare organizations’ (mostly hospitals) understanding and preparation for the development of Accountable Care Organizations (ACO.) The respondents were 200+ CEOs, COOs, CFO, CIO and other “C” types. Very, very smart people. Guess what? They don’t have it figured out either.
This particular survey had quite a bit of contradictory data. Although 90% of the respondents said they were in the ACO planning or development stages, only 15% said they were “very familiar” with ACOs. A full 45% hadn’t even committed dollars to the effort yet. Given ACOs start up costs have been estimated to be $1.8 million per ACO, I’m not surprised. Only about one third have even created a department or leadership role to develop an ACO.
I think it’s fair to say that hospitals have more resources at their disposal than you, the private practice owner. If they are not fully prepared for healthcare reform as proposed, why are you taking your eye off your business to worry about the unknown?
Think back to when “networks” were new. Everybody thought they had to jump into networks or they would no longer have access to patients. So private practice owners jumped into any network they could find. Did the advent of capitated and other types of networks really stop patients from coming to you? No.
I am not suggesting that you stick your head in the sand and stop following news about developing ACOs. I’m just saying we don’t yet know the true potential for opportunity for rehab practice owners. My suggestion is to get your business in order. Put your operations and financial budgets in place. Have a formal referral generation program in place. Commit your strategic plan to writing. You will be in a much better position to play in the new healthcare environment if you know exactly where you are now and where you would like to be in the future, reform or no reform.
