Value Based Care: The New Healthcare System

The nature of healthcare services has changed a lot over the past few years. New systems are emerging, from consulting patients through virtual mediums to initiating the value-based care system.

In this article, we will discuss how value based care is an up-and-coming healthcare system. 

What is Value Based Care?

Value based care is one such system that has been proven beneficial and can be seen as a replacement for the traditional system. This system directly relates the payment for the services to their quality, efficiency, and effect of the treatment. This helps organizations acknowledge and appreciate the professional's expertise and contribution. 

Value based care calculates the reimbursements based on various quality parameters. Value based care is entirely data-driven since specific metrics must be applied to devise payment plans for healthcare providers. 

Providers gain incentives through using various updated medicines, technology, analytical tools, etc., for tracking their services. When patient satisfaction, recovery rates and effective treatments are seen to be growing, the providers are rewarded accordingly. 

Simply put, value based care pays healthcare providers based on the patient outcomes rather than paying them through the current fee-for-service system.

How does the value based care model work?

The value based care model employs an integrated team approach to treatment. Patient data is coordinated and shared through these teams, making it easier to judge performance. Here are some factors that come under the value based care model.

Bundled payments:

Rather than paying individual providers for individual patients, they are paid in lump sums. This helps make the reimbursement process easier and pays all providers together. 

Capitation:

In this model, providers take responsibility for a specific set of patients from medical and financial perspectives. The members of this model are needed to pay a certain amount annually, which is then combined and used by the healthcare professionals to provide the necessary care for them. Capitation is a model that provides cost-effective and highly efficient healthcare. 

Medical homes:

This is a model that works on the integration of acute, specialty, and primary healthcare. It is called a patient-centred Medical Home [PCMH]. It involves a team led by the main physician associated with the patient. These teams share the electronic medical records with all professionals and other teams that are associated with the patient. This helps the doctors associated with the patient access the data quickly and treat the patient even better.

Accountable care organizations:

Just like PCMHs, Accountable care organizations also work with teams. Various healthcare providers come together to provide cost-effective healthcare solutions for their patients. 

What are the benefits of Value-based care systems?

Il y a beaucoup de benefits of value based care systems for both the providers as well as the patients. Here is how value based care systems can prove helpful for everyone. 

Cost-effective services:

Usually, patients suffering from chronic and long-lasting diseases need to spend a lot of money over the years. Value based care systems enable them to get better service at a comparatively lower price. This system is also beneficial for healthcare providers from a financial perspective. 

Better services:

With a specific parameter-based payment system, value-based care enables the patients to receive an even better service. Providers can perform even better since they have adequate funds and also need to meet the specified criteria to receive reimbursements. 

Meilleure coordination :

With several teams working together regarding one patient, there is a need to keep them all coordinated. Through the EMR records, this is easily achievable. The patient's history, current treatment and response are all tracked virtually. This helps in increasing connectivity and coordination among teams. Secondly, it substantially reduces the risk of human errors in the documentation since everything is managed via gadgets. 

Better tracking for patients:

While it serves the purpose of coordination for the team of doctors, value based care also helps patients to keep a record of their health. The system is completely data-driven, and this data is also made available to the patients. From prescriptions to regular check-up reports, all of their information is made easily available to them. With this information, they can take preventive actions and follow all the instructions given to them in a better way. 

Institutions can align their prices with results:

Another benefit of focused treatment and a complete plan, healthcare providers can prioritize their spending and lower costs. The discussions regarding basing drug prices on their values have started in the market. This can be effectively beneficial considering the rising drug prices. 

Conclusion:

In conclusion, we can see that the value based care system is here to stay and revolutionize the healthcare system. With better prospects for both healthcare professionals and their patients, the value based care system will be a major change for the betterment of the overall health of society. 

 

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