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In value-based care, providers are reimbursed for helping patients to recover their health. Lower the impacts and occurrence of long-lasting diseases and live better lives in an evidence-based way. Value-based care is different from fee-for-service and capitation, in which doctors are rewarded for the number of healthcare services they provide. The term ‘value’ in value-based healthcare has originated from shaping health results against the price of providing the outcomes.
Related: What Is Capitation Fee In Healthcare?
Value-based healthcare appears as a substitute for fee-for-service, which pays providers all together for services offered based on the bill charges or yearly fee. It is a simple idea of improving the results and quality of health for patients. Value-based healthcare aims to regulate the process of healthcare through best practices. Wellness and prevention are also in value-based care. Protecting health through quitting smoking, nutritional and lifestyle changes lessen the need for costly processes, tests, and medicines.
In the fee-for-service payment model, the medical services are bundled and paid for separately. This model incentivizes doctors to offer more treatments or services since costs are dependent on the number of procedures, treatments, and services. As an outcome, medical practices and physicians might overlook the quality of care for increased profits. Whereas in capitation, the physicians are discouraged from performing extra procedures. Capitation often regulates the use of healthcare assets and puts physicians at the peril of services provided. Capitation fee in healthcare is the fixed sum of money per patient per unit of time paid in advance. Value-based healthcare is significantly different from these models. In this model, hospitals and doctors are paid for the quality of the services provided as well as helping people cost-effectively improve their health. Read More – Capitation vs. Fee-for-Service
Currently, at least 75% of the providers participate in at least one value-based healthcare model. The payment process which doctors, hospitals, and other providers is based on a different measure, including quality, effectiveness, and cost, and in enhancing the patient experience. The available value-based healthcare models are as follows:
The shift in the market toward a value-based payment model is driven by the pressures to cut down costs and improve the quality of healthcare. Government payers, employers, health plans, and consumers are asking the healthcare system to deliver value. These new models are an essential part of that process.
Transforming from fee-to-service to value-based care will take some time and the shift might be harder than estimated. Physicians are finding themselves with unpredictable performance reports, and variations in performance measurement. There are less staff time and a lack of transparency among payers and providers.
As the healthcare sector continues to evolve and providers accept the value-based care models, they might initially experience some financial hits but this transition eventually translates to an ideal method for decreasing the healthcare costs while expanding quality care.
In order to succeed in this new model, providers need to garner new abilities such as making clinically combined physician networks, gathering and assimilating data, and applying analytics to find cost and prospects for quality improvement.
Value-based healthcare is bending the cost curve, reducing redundant medical costs while improving care quality and patient engagement. To succeed, healthcare providers must understand that they need to engage patients, families, and consumers.
It means captivating the patients in their healthcare outcomes from the beginning to the end. Healthcare providers should work to support patients in all aspects of their health and wellness journey. Apart from generating strategies to support a value-based model, conducting strong patient outreach within the community is also important.
Offering positive experience and outreach by using innovative technology will deliver on the promise of quality health care at a lower cost.
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PrognoCIS offers powerful solutions to medical practitioners which include Practice Management, Telemedicine Solutions, and Medical Credentialing. For more tips on value-based healthcare, sign up for our EHR newsletter and stay updated with the latest Prognocis News here
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