Kevin Curwick, president of ConvenientMD’s Advance Primary Care, discusses how healthcare organizations can actually reduce costs while delivering better care to patients by following through on the promise of value-based care.
Q: To start us off, can you please explain what “value-based care” is, for those who aren’t aware?
A: Value-based care creates a payment model that rewards outcomes rather than work. Think of it like the difference between paying a mechanic for every repair and paying them to keep your car running reliably. Value-based care reimburses doctors, hospitals and other healthcare organizations in a way that rewards patient health outcomes, prevention and quality of care.
Insurers have traditionally rewarded the volume of services being delivered — the number of visits, tests, procedures and the like. The problem was that healthcare companies that adapted to that system were getting paid, but the patients weren’t necessarily getting better. We are working to restore a consumer-focused approach to healthcare, where competition lowers cost and keeps people healthy.
Q: What is unique about ConvenientMD’s approach to implementing value-based care?
A: I like to say the road to efficiency in costs is inefficiency in exam room time. It’s counterintuitive, but healthcare is not like other businesses. We are helping people, one patient at a time, and each case is as unique as the individual. If you take a one-size-fits-all approach, as much of our industry does, you end up inevitably losing the personalized approach that value-based care hinges on.
Providers need the breathing room and unstructured time to do the actual work of medicine. In primary care, that means sitting down with a patient for longer visits and really listening to them, asking probing questions and identifying and setting goals for the patient’s long-term health. At ConvenientMD Primary Care, we are already doing that by giving first-time patients an hour-long visit to kick off their care and follow-up primary care visits that can last just as long. Our patients love it; 98% report receiving enough time with their provider. We are also unique in that we are trying to limit administrative work and keep each provider’s patient panel at a smaller, more manageable level. Meaningful relationships between provider and patient form a foundation of trust without which value-based care fails.
Additionally, we strongly believe in aligning our mission with how we motivate our team. Patient volume has no impact on anyone’s compensation, while every ConvenientMD Primary Care employee has their annual incentive tied to measurable improvements in patient outcomes.
Q: How is ConvenientMD able to make the kinds of systemic transformations you describe and remain profitable?
A: It starts by working with patients, employers and insurers to think differently about how to pay for health and prevention. In many ways, investments we make in improving community health are the same as any investment; it takes time for the return to show up, but it’s worth it.
We operate independently of large health systems and, as such, our providers do not face the same inherent referral constraints that those in a hospital system might face. This means our providers can help our patients save money by navigating an environment where an MRI done on hospital grounds can cost as much as $6,000, while the same MRI may cost $600 at an independent imaging center.
We have proven that we can eliminate unnecessary costs by investing in patient health, and that opens doors for value-based agreements with payor partners based on demonstrably superior healthcare outcomes and keeping costs contained and on a sustainable path.
Kevin Curwick, president of ConvenientMD’s Advance Primary Care, discusses how healthcare organizations can actually reduce costs while delivering better care to patients by following through on the promise of value-based care.
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