CloudMedx, a big data health analytics company, today unveiled a free calculator to help providers quantify the financial benefits of participating in Medicare’s chronic care management program (CCM).
The CCM program is designed to incentivize healthcare providers to provide consistent and effective care to their patient population who suffer from two or more chronic diseases. Specifically, Medicare provides an average of $42.60 per beneficiary per month to physicians and other qualified clinical staff to provide at least 20 minutes of non-office-based care through 24/7 access via phone, text or email as well as medication management.
Approximately 20.7 million Medicare beneficiaries have 2 or more chronic diseases and chronic illness constitutes 78% of total health spending. This problem will only be exacerbated by the fact that the Medicare population is projected to grow from 54 million to over 80 million beneficiaries by 2020, with many of these new beneficiaries also having multiple chronic diseases.
Many provider organizations are not aware of the clinical and financial upside that this program offers. Also, there is a technical challenge, which requires intelligent analytics to identify and enroll qualified patients, design a comprehensive care plan and document the time spent with the patient every month. CloudMedx recently announced the release of its comprehensive chronic care management solution and wants to let providers see for themselves how the CCM program coupled with CloudMedx’s big data analytics platform is a win win for their organizations.
The free calculator, now posted on the CloudMedx website, shows the estimated additional annual gross revenue that a family medicine physician can potentially receive by treating their specific chronic care population with interventions that can improve patient health and quality of life.
The tool inputs Medicare beneficiaries and those with 2 or more chronic conditions within the total population. From this number, the tool can calculate the annual incentive for providers and healthcare systems for their specific location (from over 80 locations listed) to get a more localized view of the financial benefits. For example, the average family medicine provider having approximately 460 qualified CCM patients, can earn $240,000 additional annual revenue with the CCM program.
“CloudMedx technology can alleviate the administrative, operational and financial burden of implementing and running a chronic care management program through its powerful analytics platform. Providers can reap the financial benefits and have increased flexibility to deliver effective care on a case by case basis by intelligently automating the enrollment, systematic follow up and personalized care that is required from a CCM system. By effectively utilizing both the CloudMedx analytics platform and a passionate and effective care team, the chronic population will be better served with better outcomes. This free calculator is part of our commitment to help providers realize their additional reimbursements by participating in a CCM program,” said Tashfeen Suleman, CEO of CloudMedx.
To access the CCM calculator, visit: http://www.cloudmedxhealth.com/payment_calculator_ccm