Traditional fee-for-service models of healthcare funding are quickly changing to funding for value-based care. That makes patients more than just a number and dollar sign for funders and providers alike. To prove the value of care, funders require clear data throughout the patient journey. Digital health solutions can help provide exactly that.
The Changing Landscape of Healthcare Funding
Previously, funding for healthcare was largely based on the number of services provided. More services provided meant more revenue generated. But that’s shifted. Now, funding is largely based on patient outcomes, showing a marked shift toward value-based care.
As a result, data now plays a key role in healthcare decisions to provide funders with clear, measurable evidence of care quality. For instance, they can look at Patient-Reported Outcome Measures (PROMs) and Patient-Reported Experience Measures (PREMs) to track improvements in patient care from referral to post-treatment follow-up.
One way healthcare facilities are improving patient experiences is by offering alternative payment methods (APMs). This includes bundled payments and shared savings programs. Digital health platforms help you track outcomes for APMs.
Why Funders and Payers Prioritise Digital Health Solutions
Funders and payers prioritise healthcare facilities with digital health solutions as they enable clear and up-to-date information regarding patient care. Here are a few key reasons for this prioritisation:
- Enhanced Data Transparency and Reporting: A centralised location for all patient data to be collected and organised helps funders fully understand a facility’s quality of care.
- Measurable Patient Outcomes: Tracking patient outcomes in real time and historically allows facilities to show funders measurable improvements to patient outcomes with real metrics.
- Process Data for Care Continuum: Every step of the patient journey can be tracked with digital health solutions which can help providers show that they meet funding requirements.
- Cost Reduction and Efficiency: Digital health solutions can automate administrative and repetitive tasks which allows staff to put more of their focus on patient satisfaction while reducing costs for the facility.
- Regulatory Compliance and Interoperability: Integrating digital health solutions with electronic health records (EHRs) makes it easy to meet reporting requirements and comply with The Privacy Act.
Given the wide range of benefits associated with adopting digital health solutions, it’s clear why funders prioritise providers with them when choosing which facilities to fund.
Key Funding Streams Emphasising Digital Health Capabilities
Investing in digital health solutions can open up new funding streams for chronic disease management, population health, and care innovation. Here are four specific funding streams you can open up for your facility with digital health platforms:
Chronic Disease Management Programs
Managing chronic care effectively traditionally requires routine visits to a healthcare facility for testing. It also relies on patients to accurately assess their own progress. Digital tools enable at-home testing and a constant stream of health data to track an ailment. Here are a few funding opportunities:
- For instance, remote monitoring and continuous glucose tracking for diabetes patients can better track patient progress to inform treatment plans. This also opens the door for new funding opportunities from government grants such as the NDSS’s CGM and GM Access Program and the Diabetes Technology Research Accelerator Grant program. Providers can also implement payer-driven reimbursement for continuous glucose monitoring, remote patient monitoring, and lifestyle intervention programs.
- Similarly, payer supported funding is available for cardiovascular disease and hypertension programs that involve remote blood pressure monitoring, AI-based risk stratification, and digital health interventions.
- There is also funding available for cancer care coordination and treatment. For example, grants through Supporting People with Cancer rewards digital health-driven care coordination. AI-driven diagnostics, personalised treatment planning, and remote symptom monitoring also offers funding opportunities.
Value-Based Care and Alternative Payment Methods (APMs)
Accountable Care Organisations (ACOs) can use digital health platforms to accurately track and report quality benchmarks. That makes it easier to provide care quality to qualify for the bulk billing incentive. In the same vein, digital tools that track pre- and post-treatment outcomes receive stronger funding from chronic disease treatment bundles.
Government and Public Health Grants for Digital Innovation
Government agencies have a vested interest in expanding healthcare access to rural communities and those who can’t make it to a facility in-person. As such, they provide funding for providers that implement digital health platforms and start offering telehealth. That enhances access to healthcare which Government agencies reward.
There are also population health and health equity grants through the Preventive and Public Health Research initiative. These grants offer funding for facilities that implement digital health solutions to improve health outcomes for underserved populations.
Private Payer and Employer-Based Funding for Digital Health Adoption
AI-driven diagnostics, wearable-integrated care plans, and digital therapeutics (DTX) are increasingly becoming covered by private insurance for mental health conditions, obesity, and addiction recovery. They tend to offer better patient outcomes which results in lower overall costs for the insurance provider.
Corporate wellness programs are also growing in popularity. They cover the cost of remote patient monitoring and preventive care solutions for chronic conditions for employees. That means more funding for providers to offer these types of solutions.
The Role of Process Measures & Statutory Reporting in Funding Success
Completing funding requirements typically involves submitting data on process measures as well as statutory reports.
Why Process Measures Matter to Funders
Most funding requirements involve data on every stage of the patient journey to prove care quality. A few key data points funders typically require include:
- Referral Timeliness: The time it takes for patients to be referred to the appropriate care department.
- Care Planning: How well individualised care plans align with clinical guidelines.
- Care Delivery: Real-time data tracking patient interventions, medications and consultations.
- Discharge and Follow-Up: Data on the coordination and effectiveness of post-discharge care.
Timely Statutory Reporting to Funders
Funding agreements outline reporting requirements in order to receive the funding. The sooner providers can submit the required reporting, the sooner they can receive funds. Digital health platforms automatically collect data, generate reports, and submit reports to the appropriate personnel. This reduces administrative burden and speeds up the funding process. Meeting reporting deadlines also helps providers remain eligible for future funding opportunities.
How DC2Vue Empowers Healthcare Organisations
DC2Vue offers a comprehensive digital health platform that helps healthcare organisations maximise reimbursements and acquire grants. It supports:
- Patient Journey Tracking: By capturing key data points from referral to discharge, DC2Vue can provide end-to-end metrics on the patient journey.
- Outcome Data: Collecting and analysing PROMs and PREMS in real-time enables DC2Vue to provide evidence of patient outcomes to funders.
- Statutory Reporting: DC2Vue can automatically generate required statutory reports using data gathered throughout the patient journey.
- Interoperability: You’re existing EHRs and payer systems can integrate directly into DC2Vue.
- AI-Powered Predictive Analytics: Built-in AI capabilities for analysing data in real time allow DC2Vue to provide insights that can optimise care delivery and funding.
- Scalability: From local clinics to national-level healthcare initiatives, DC2Vue can scale to meet any needs.
If your healthcare organisation is looking to run large-scale funded programs at state, national, or regional levels, DC2Vue provides an end-to-end solution to manage it all. Get in touch today to learn how DC2Vue can enable your organisation to maximise funding opportunities while improving healthcare delivery at scale.
