Top 10 Funding Sources for Your MIH/CP Programs
Below are the top 10 ways that organizations can receive funding for MIH/CP programs.
1 - Commercial payers step up their initiatives
Commercial payers have recently stepped up their initiatives to pay for MIH services. Due to past good results, commercial payers are now starting to support costs like post-acute follow-up visits, enrollment fees for high utilizer patients, and response fees not tied to whether or not patients are transported to the hospital.
3 - Managed Medicare reduce expenditures
Commercial third party payers are realizing the value of MIH programs to improve patient outcomes and reduced expenditures. Although the payment they could receive is not yet an exact calculation, they’re still willing to pay for MIH services.
5 - Care Management agencies and in partnerships
With high-risk patients, there are organizations that have started to take care of the costs for this type of situations. These organizations are usually data analytic firms that specialize in mining data to identify the high-risk patients. However, they don’t have actual providers to visit and intervene.
7 - Hospice agencies finding value in MIH
The hospice economic model pays the hospice agency a per diem payment based on the patient’s diagnosis and care setting. The hospice agency is then financially responsible for all costs related to the hospice plan of care.
9 - Grant funding for startup costs
Foundations or philanthropic organizations may choose to fund a MIH program. A method to measure what you achieve is needed, so they can be aware of what they’re putting their money in. There has to be a mutual agreement on all aspects before proceeding to anything else.
Source: "Top 10 MIH or community paramedicine program funding sources." NAEMT.com.
2 - Patients and concierge medical services
Concierge medical services is a new method that some MIH agencies are trying. It can be achieved via a couple economic models: a subscription service with monthly or annual fees for special response enrollment or a partnership with companies to staff NPs, PAs or even MDs to actually deliver the care in the MIH agency’s vehicles.
4 - Medicaid authorized funds
Several states have authorized the use of Medicaid funds for CP visits because of the demonstrated value of the reduced expenses and improved outcomes of Medicaid enrollees.
6 - Home health agencies rely on MIH partnerships
Home health agencies are demonstrating increased interested in funding for MIH programs to reduce unnecessary ED transports, or, if the patient is transported, the home health agency will be aware of the transport and avoid decreased efficiency by sending a provider to an appointment when the patient is not home due to an EMS transport. Home health agencies are also interested in providing after-hours back-up service to the home health agency.
8 - Hospitals are more interested in MIH funding
Hospital’s interest in funding MIH’s has increased in the last few years. One of the reasons for this is that the readmission penalties imposed by CMS are having a bigger impact on the hospital’s revenue stream as additional diagnoses are added to the penalty list and the national readmission rates continue to decline.
10 - Internal funding for MIH
Public agency or private agencies could simply build the cost of a MIH program into the agency’s operational budget, without the goal of external funding. This strategy could mean the agency’s governing body allocates financial resources from other sources (e.g., taxes, fee for service ambulance transport, etc.) to cover the cost of the MIH program.
LEARN HOW GD SOLUTIONS MAY HELP YOUR PROGRAM