Although risk-based care contracts have existed for many years, primary care doctors have been reluctant to embrace them. But with careful planning, these contracts can offer medical practices the flexibility and income they need to provide high-quality care, while maintaining their independence.
Representatives of practices using value-based payment contracts discussed their benefits during a session on the second day of the Medical Group Management Association’s 2020 Medical Practice Excellence conference.
“Why enter into these plans? First and foremost, it’s financial stability,” said Timothy Irvine, MD, a physician at IKP Family Medicine in The Woodlands, Tex, which has about 6,000 patients under capitated or pay-for-performance contracts. “The monthly capitation checks they provide are a dependable revenue stream that helps even out the ups and downs of the revenue cycle.”