Have you been hearing the term value-based care popping up more frequently in the healthcare world? Are you already offering a level of value-based care to your patients? What is value-based care and how will it benefit healthcare providers?
Value-based care is the transition from the traditional fee-for-service approach to healthcare to a model that rewards healthcare facilities and providers for keeping people healthy and improving health outcomes of patients who may suffer from chronic health conditions. Some expected advantages to this approach are greater clinical efficiency, a reduction in health care costs, and an increase in care availability, as the health of more patients improves as the need for repeat treatment or follow up care lessens.
This transition is taking place to satisfy the demand for more cost-efficient, quality healthcare, and is designed with the patient in mind; however, there are substantial benefits for practices and providers as well. Rather than being paid based on a tallying-up of services delivered, healthcare providers will be compensated based on the quality and success of their patient care.
Under this model, every patient would benefit by being put in the hands of a care coordination team who connect patient and provider with more accurate information that ensures patients have the best access to the right care. Patients will be better educated and more effectively connected with their providers through current and advanced healthcare technology, leading to an overall improvement in health outcomes.
What will happen if I don’t transition to value-based care?
Providers have an incentive to offer value-based care, because if they do not improve the quality and reduce the cost of their care, they may lose money. Other benefits to patients may be greater appointment availability and more face-to-face time with providers.
This transition will be a work in progress for some time until a solid plan is in place, but in the meantime, it would be wise to begin repositioning your practice in order to provide value-based care as it is beneficial to your practice, your patients, and ultimately your bottom line. This approach will encourage patients to be more proactive with their health and providers to be more committed to keeping patients educated and engaged by implementing a higher quality care plan of action.
Value-based care will transform healthcare and overall patient health; however, remember that the success of even this higher-level patient relationship management begins even before a patient steps through your doors.
Tune in next week when we provide you with a value-based care checklist to use as a guide to determine how well you are doing now and what changes you will need to implement in order to qualify for the highest compensation and overall success under this plan.