November 6, 2020 - by Parul Saini, Webmedy team
Value in healthcare is measured by improvement in a patient's health outcomes. Value comes from health outcomes which matter to patients relative to the cost of achieving those outcomes. Patient health outcomes should involve all the domains of health in a full cycle of care.
Definitions of value-based care can differ, but in its simplest term, it can be defined as healthcare outcomes against the cost of care.
The goal of value-based healthcare is to allow health care systems to give more value to patients. Because value is created only when a person's health outcomes improve, descriptions of value-based health care that focus on cost reduction are incomplete. The doctor-patient relationship can be considered a gateway to value-based care. Healthcare organizations that want to implement a value-based care model need to see the patient as their most important long-term asset. High-value care is much more than containing costs. It's also an ingredient for improving patient health outcomes, quality care, and satisfaction.
Value-based healthcare is a healthcare model where healthcare organizations and doctors are paid based on patient health outcomes. It is a form of reimbursement that ties payments for care delivery to the quality of care provided and rewards providers for both efficiency and effectiveness. In more basic terms, value-based care focuses on patient health outcomes and how well healthcare providers can enhance the quality of patient care. Value-based care differs from a fee-for-service, in which providers are paid based on the number of healthcare services they give.
The concept of value-based healthcare is based on these elements:
With more information and choices available, patients are taking an increasingly active role in their health journey. As a result, healthcare organizations are expected to offer pleasant experiences that go above and beyond the traditional Value = Care + Cost equation. For this, hospitals are adopting a patient-centric approach and creating a point of contact beyond clinical settings. The focus has shifted toward the methods that identify an individual's unique medication, treat existing health issues with optimal and right solutions. Patients want to know that their individual needs are understood and that their physicians and provider care about them. Healthcare organizations must create personalized experiences outside of the clinical setting that is helpful. Creating patient-centric experiences that reinforce the relationship between a provider and a patient is a key element to a value-based model.
Healthcare costs are rising without corresponding improvements in the quality of care given. Patients expect that healthcare organizations will deliver the value that reflects the amount they spend on healthcare services. Organizations are finding more ways to improve patient experience and to offer quality treatment throughout the patient healthcare journey. By customized interactions, cost transparency, effective customer service, and targeted multi-channel marketing campaigns, health organizations are becoming a partner in health and wellness in between doctor's appointments. New tools and healthcare choices are being included, such as telemedicine, physician reviews, and price comparison tools, that add convenience and clarity to the overall healthcare experience.
Value-based healthcare has proved to be cost-effective and patient-centric. In the past, the majority of patient health data was trapped within the healthcare systems. There was not much motivation earlier to share patient health data among providers. But now, healthcare technologies like healthcare CRM tools, EHR(electronic health record) allow patient data to be gathered, organized, and analyzed from multiple sources and providers, including demographics, family history, allergies, social history, medical history, and call center interactions. This data enables organizations to build robust, 360-degree customer profiles, which can be used to deliver customized engagement over multiple communication channels. By using data from a wide range of sources, providers can make an informed clinical decision that coincides with the patient's long term health goals and the organization's business goals.
As the healthcare sector moves towards value-based care, healthcare providers are in a unique position. Value-based care models are the future of sustainable health care. This model is designed to help your practice shift towards patients satisfaction. This shifting landscape is putting patients in the driver's seat, and providers want to work smarter to keep patients for life. Those that adopt the value-based care shift can take benefit from new opportunities to build relationships that help to grow revenue and retention while maintaining higher customer satisfaction.