The Future of Value-Based Care Models
Healthcare models have seen lots of change in recent years due to the COVID-19 pandemic and the integration of digital technologies. These factors along with increased regulatory flexibility and shifts in health care delivery models have led to a peak in interest in value-based care.
What is Value-Based Care?
Value-based care focuses specifically on boosting quality and healthcare outcomes for patients. This is achieved by changing certain ways in which a patient may receive care. Healthcare providers are rewarded with incentives based on the quality of care they provide to patients.
Traditionally, healthcare reimbursement models have been based on the number of services a provider performed. Value-based care clearly incentives for care quality while traditional models have pushed care quantity.
This drives care teams to improve metrics such as reduced hospital readmissions, improved preventative care, and utilizing better technological tools. Prevention is a key component of value-based care, as it looks to be proactive and prevent problems before they become difficult and costly to resolve.
Some tools used to take this approach include preventive screenings, higher-quality care, and a focus on overall well-being. The hope is that incorporating these techniques and measures will lead to improved healthcare outcomes for patients.
Interest from Patients, Providers, & Government
Patients are clearly set to benefit from value-based care, but other parties are also interested in expanding its reach. There are perks for different parties including waste reduction, streamlined care models, and higher quality care.
The Biden administration is likely to push for alternate payment models and mandatory payment changes in healthcare. They are pleased with the improvements in quality and cost reductions that come with value-based care. Expanding value-based care could also help offset some COVID-19 relief spending thanks to its cost-saving nature.
Providers are also looking forward to value-care models that can help mitigate concerns about unpredictable patient visits. Alternate financial models are being embraced as a way for them to remain financially stable in the future.
Ideally, value-based care hopes to reduce healthcare costs, improve healthcare outcomes, and provide better patient care through an emphasis on preventative care. The goal is to standardize healthcare processes through the establishment of best practices.
Building Structures for Value-Based Care
For value-based care to work, healthcare systems will need to reorganize and collaborate using intricate systems. This model focuses on reimbursing providers or penalizing them based on their quality and cost of care. Advanced analytical tools will be required to properly measure cost and quality performance among providers.
Providers may have to invest in significant resources to monitor their spending levels, quality improvements, and general efforts. Currently, providers are already spending a lot so this may not be as problematic. High levels of cost and volume give providers lots of opportunities to improve their patient care and find ways to save money under a value-based care model.
Value-based care has the attention of many different parties, such as patients, providers, and the government. It seems that incentivizing health care providers to offer the best care at the lowest cost brings tremendous benefits to lots of people. Patients receive more value for their money and healthcare costs for the general population go down.
Providers are able to manage higher patient volumes thanks to increased care access and market share. This is thanks to patients having more options in choosing where to receive care. As the system continues to change, healthcare leaders must control clinical quality and costs for achieving quality health care outcomes.