With the final rule on the Medicare Access and CHIP Reauthorization Act of 2015 (MACRA) released by CMS in October 2016 and the rule going into effect in CY 2017, healthcare providers are now tasked with the readiness and implementation plan to meet the parameters of the Merit-Based Incentive Payment System (MIPS) and the Advanced Alternative Payment Models (APMs). The Department of Health and Human Services (HHS), in collaboration with partners in the private, public, and non-profit sectors, launched the Healthcare Learning and Action Network (LAN), to assist in advancing the adoption of value-based healthcare and alternative payment models. As part of this effort, the LAN developed an APM framework that categorizes the transition from fee-for-service to population-based quality care.
Innovation is a term that lately seems to be used quite freely. It reminds me of similar “high-level” terms such as “strategy” or “marketing”—it can mean different things to different people. I also think the term innovation gets confused with invention, ideation or even R&D, but finding the true definition can be challenging. Merriam-Webster dictionary defines it as “a new idea, device, or method” and “the act or process of introducing” such things. Even some famous folks have taken a swing at defining innovation: “Innovation distinguishes between a leader and a follower.” – Steve Jobs; and “Innovation is the specific instrument of entrepreneurship. The act that endows resources with a new capacity to create wealth.” – Peter Drucker.