4 Key Things to Know About Oncology Care Model
Cancer is a disease that affects millions of people worldwide. It’s no wonder that healthcare providers are constantly looking for new and innovative ways to treat it. One such innovation is the Oncology Care Model (OCM), which was introduced by the Centers for Medicare & Medicaid Services (CMS). Here are four things you should know about this model.
What is the Oncology Care Model?
The OCM is a payment and care delivery model designed to improve the quality of cancer care while reducing costs. It’s part of CMS’ ongoing efforts to shift away from traditional fee-for-service models towards value-based care. The oncology practices provide financial incentives for healthcare providers who deliver high-quality, coordinated, patient-centered care to cancer patients. This way, providers are able to improve the quality of care while keeping costs low.
How Does it Work?
Under the OCM, participating practices receive a performance-based payment for several monthly episodes of care provided to eligible beneficiaries with cancer. The payment covers all services related to cancer treatment, including chemotherapy administration, imaging tests, and radiation therapy. Participating practices also receive additional payments if they meet certain quality measures related to patient experience, clinical quality, and utilization. Therefore learning the new models for oncology care and their benefits can help to improve patient care.
Who Can Participate?
To be eligible for participation in the OCM, practices must provide chemotherapy treatment to Medicare beneficiaries with cancer and meet other criteria established by CMS. Practices can participate on their own or as part of a group practice arrangement. This includes both independent practices and multi-site networks. Hence, the OCM provides an avenue for independent practices to collaborate and improve their care delivery capabilities.
What are the Benefits?
The OCM offers several benefits for both patients and healthcare providers. For patients, the model promotes higher-quality care that is more coordinated across different providers and settings. This can lead to better health outcomes and an improved patient experience. For healthcare providers, participating in the OCM can lead to increased revenue through performance-based payments and reduced costs through better coordination of care.
To Sum Up
The Oncology Care Model represents an important step forward in delivering high-quality cancer care while reducing costs. By incentivizing coordination across different settings and promoting patient-centered care, this model has great potential for improving outcomes for patients with cancer. However, it’s important for healthcare providers considering participation in the OCM to carefully weigh both its potential benefits and challenges before making a decision.