Healthcare costs are continuing to grow for most Americans. This includes healthcare providers and patients. In the past few years, there has been a shift from the more traditional FFS, fee-for-service, to a value-based model.
With the FFS model, healthcare providers and physicians are paid based on the total number of services they offer. Compensation is then based on quantity rather than quality.
With value-based care, the opposite approach is used. Healthcare service providers are paid based on the patient outcomes and the quality of care provided in the value-based model. Some healthcare systems are now switching to this value-based model because they have found that providers and patients benefit from it. In fact, there are reports like this headline: Value-Based Care Favored in New Federal Exceptions. Keep reading to learn more about value-based care and what it offers.
Spend Less and Achieve Better Outcomes
Since value is at the foundation of this system, patients will not have to pay as much to get quality care, according to realtimecampaign.com. With value-based healthcare systems, modern care providers will be able to focus on preventative care that is more affordable when treating various chronic conditions, such as obesity, hypertension, and diabetes.
Additionally, physicians, along with other healthcare providers, will be more focused on developing methods to help their patients recover from injuries and illnesses in the fastest way possible. A patient who uses a value-based healthcare model is expected to have fewer trips to the doctor, according to service providers like Foresee Medical. Those patients will also have fewer medical procedures and tests. Also, less is spent on medication because a person’s health will actually begin to improve.
Increased Patient Satisfaction
With value-based care models, patients will be the focus of the entire healthcare process. They will receive coordinated care from every provider. Unlike the model that charges a fee-for-service, doctors are focused on the treatments and tests that are best for patients rather than trying to do everything to get more money. Not only will this help to save money, but the amount of time that is spent during an exam or a follow-up visit will be much more engaging and productive. In this situation, patients feel like they are part of the team instead of just something to be checked off a list.
Improved Efficiency for Healthcare Providers
With value-based care systems, data provided by the care provider’s organization is first collected and then analyzed. With data analysis, organizations can identify any health risks that are specific to a system or provider according to a knockout post recently published. The facility can then take steps to provide preventative care for the risks patients generally see and ensure that the treatment provided is as efficient as possible.
As seen from the information here, value-based healthcare is a smart model and one that more service providers should consider offering. Being informed and knowing why this is the case can help ensure that patients and healthcare providers see all the benefits mentioned above and others. This will pay off in the long run.