The Enhanced Oncology Model (EOM) is a payment model from the Centers for Medicare & Medicaid Services (CMS) that pays oncology practices to provide value-based care. It is designed to encourage providers to focus on higher quality, cost-effective care and improve outcomes for cancer patients. By participating in the EOM, oncology practices have the opportunity to receive enhanced payments for providing comprehensive, team-based care. So without further ado, let’s take a look at what the EOM means for participating in oncology practices so that you can decide if it’s the right move for your practice.
What is Included in the Enhanced Oncology Model?
The EOM consists of two components: a care management fee and an incentive bonus. The care management fee is paid monthly to provide enhanced reimbursement for care coordination services that are considered part of a comprehensive, team-based approach to cancer care. These services include not only traditional oncology services but also care coordination, patient engagement and education, psychosocial support, and more. The incentive bonus is paid annually and rewards practices that meet quality and cost standards by providing additional payments.
What are the Benefits of Participating in the Enhanced Oncology Model?
Participating in the Enhanced Oncology Model offers a variety of benefits to oncology practices. Most notably, The Oncology Care Model helps practices increase their revenue by providing enhanced payments and incentives. This can help to offset the cost of investing in a comprehensive, team-based approach to cancer care.
Additionally, the model creates more opportunities to develop new relationships with other providers and organizations, which can lead to better coordination of care. Finally, participating in the EOM can help to enhance a practice’s reputation as a high-quality provider. It also provides an opportunity to showcase the value of their services and demonstrate the effectiveness of their approach to cancer care.
How to Get Started?
If you’re interested in participating in the Enhanced Oncology Model, the first step is to contact your local Medicare Administrative Contractor (MAC). The MAC will work with you to make sure that your practice meets the requirements and submit an application. Once your practice is approved, you can begin planning and implementing the changes needed to provide the enhanced services required by the EOM.
You may also want to consider partnering with a third-party provider to help you manage the changes required by the EOM. This can be beneficial if you’re not sure how to approach the process or if you don’t have the resources or expertise to manage it internally. Working with a third-party provider can also help to ensure that you meet all of the requirements and receive maximum reimbursement for your services.
To Sum It Up
We hope this article has helped to provide you with a better understanding of what the Enhanced Oncology Model means for participating in oncology practices. So if you’re looking for an opportunity to increase your practice’s revenue while providing better care and outcomes for your patients, the EOM may be a good option for you. Just make sure to contact a professional to help you through the application process and ensure you get maximum reimbursement for your services. Good luck!