Value-based care is one of the best ways to ensure that patients get prompt treatment and attention, which improves outcomes. The program requires healthcare providers to offer quality services. Otherwise, they may not be adequately reimbursed and may leave patients disappointed. However, while it may be an excellent program, it is not the easiest to implement. Many practices today struggle with adopting this approach in their care system.
But, understanding the purposes of value-based care can help simplify things when it comes to implementing this approach. Today, we look at the four main values-based care goals to help you take the first and right step.
What is Value-Based Care?
Value-based care aims to improve the quality of healthcare patients receive, improving outcomes. To achieve this goal, providers make several changes in how patients receive care. In other words, the approach aims at making healthcare more proactive than reactive. By doing so, they can prevent problems before they develop.
Hospitals under this program are reimbursed depending on a patient’s health outcomes. Providers that choose to offer this service are rewarded for promoting better outcomes among patients, reducing the burden faced by those with chronic disease, and assisting patients in living healthy lives.
Related article: Maximize Value-Based Care with CCM and RPM
Goals of Value-Based Care
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Reduced Costs Among Patients and Improved Better Health
Many people suffer from chronic diseases like cancer, diabetes, high blood pressure, and others. Although healthcare providers try their best to manage these diseases, they usually find it challenging and time-consuming. But by using value-based care, clinicians can assist patients in recovering from an illness or injury quickly and efficiently. In return, they will avoid chronic diseases.
Value-based care programs reduce doctor’s visits, medical procedures, and tests. As a result, patients will spend less on their healthcare while improving their short- and long-term health.
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Boost Patient Engagement and Participation
Did you know that many patients do not participate in their treatment plans? Most rely on the doctor’s word, and many don’t do as advised once out of their office. But, patient participation is crucial for the effectiveness of their treatment. When they actively get involved with their well-being, they’ll take the proper steps to ensure that their health is improving.
Although value-based care requires medics to spend more time learning about new prevention services, they will save time when it comes to managing chronic illnesses. This approach allows providers to focus on offering value instead of volume, which means quality care and increased engagement from the patient.
It’s also worth noting that value-based care focuses more on quality than quantity and chronic disease prevention rather than its management. This results in high overall patient satisfaction.
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Reduce the Rates of Readmission and Risk
When a patient gets treated and discharged, healthcare providers tend to feel some form of contentment. However, it can be discouraging if the same patient gets re-admitted after a few days because they weren’t given quality care.
The value-based approach aims to offer the best healthcare to patients to ensure they recover well from their diseases. Therefore, the solutions and medicines given are chosen carefully to ensure the patient fully benefits from them. As such, there will be a few cases needed readmission due to complications that could have been avoided.
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Improve the Overall Health of the Population
Over the past few years, there has been an increase in the number of people with chronic diseases. Sadly, this means increased work for providers and a lot of patients’ money.
But, using a value-based care approach can help the entire population to be healthier at a reduced cost. With such a program, there will be fewer hospitalizations and medical emergencies, which means less money will be spent on managing chronic diseases.
What’s Different about Value-Based Care?
We’ve looked at the primary goals for value-based care. But you may be asking yourself how it is different from other approaches. Well, the main difference is that it aims at standardizing healthcare processes by using the best practices. Practitioners examine which strategies work and which don’t to create an effective treatment plan that yields the best result.
Value-based care stresses wellness and prevention. Prevention strategies like exercise, making dietary changes, and quitting smoking are encouraged to help reduce the need for medications, procedures, and expensive tests.
Reimbursement of Value-Based Care
Several reimbursement options are available to hospitals and physicians offering this service. CMS uses various models to reimburse providers, but commercial payers have their models and variations.
For instance, the pay-for-performance option compensates providers depending on their performance and quality. Some things used to check quality services include efficiency, safety, timeliness, equitability, and patient focus.
Other programs include shared risk, bundled payments, population-based payments, and capitated payments. Please note that the programs may need to invest in Health Information Technology and outcomes, outcomes analytics, and reporting and coordinating care with ACOs and medical homes.
Final Thoughts
Value-based care can help hospitals offer the best patient-centered services that lead to better outcomes. However, there may be some challenges when transitioning to these programs. For instance, providers lack enough infrastructure and staff to support this approach. But with a carefully outlined plan, it is possible to integrate this approach into the healthcare system.
