From Fee for Service to Fee for Value –A Valuable Change in The Healthcare Industry
Patient Consumerism is pushing Medical Practices to switch from Fee for Service to Value Based Care model. Technological advancements have changed the ways in which businesses operate effecting Healthcare industry as well. CMS demands that Medical Practices and Healthcare systems offer their clients “Value” based service meaning that the service given will be compensated by not number of procedures done but the overall healthcare provided to the patients.
This model is cost effective to patients and providers both. It saves money by systematizing processes and coordinating care. It lessens repetition of services or tests, by building associations with drug companies, reducing readmissions, emergency visits and unnecessary admission procedures. This benefits Medical Practices and increases their per-doctor productivity, preventing diseases by allowing time for detailed discussions etc. Patients recover more quickly and as a result less doctor’s visits, test, procedures and prescription. This allows Practices to make higher value, enabling them to provide care at each event.
Value-based care model focuses on proactive, team-oriented approach of making patient information available if needed to trusted sources, so that care services can be structured and coordinated. The benefits of this system are not limited to the clients but extend to Medical Practices, Medical Billers, Medical Billing Companies as well as the society as a whole.
Patients receive optimal Healthcare service at affordable cost.
Treating a chronic condition like diabetes, COPD, obesity, cancer or high blood pressure can incur excessive costs and take time. Value based care model focuses on prevention techniques for these types of illnesses resulting in fewer doctors’ visits and they spend less money on medication resulting in both long term and short health benefits.
Medical Practices/Healthcare Systems achieve greater Patient satisfaction resulting in higher brand loyalty.
Following the Value based model Medical Practices now focus on giving time and value to each patient rather than trying to deal with greater volume of patients in less time to make more money. This helps patients deal with their diseases/illnesses with a much better outcome, increasing the overall value of the healthcare provided to them.
Medical Billing Companies/Medical Billers gain more control over costs with a comparatively lower risk of revenue loss.
This happens as a healthier population translates into less filling of claims and thus less drain of Medical Billing Companies/Medical Billers premium pools and investments. More so, they can bundle payments for patients to cover their full healthcare cycle especially for those with chronic illness taking longer treatments.
Society benefits by having lower healthcare budget and a much healthy population.
They can now dedicate their budgets to other problematic areas. Value based care model promises to reduce the healthcare expenditure significantly from the current 18% of the GDP
Ways in which Value Based Care can be initiated easily.
Digital Care – Easy Access to Patient Healthcare Data
Tools helps to better understand patient’s condition and treatment plans. As digital solutions are available in every field of life so patients expect from providers to make sure of the same. Such tools make it easy for patients to connect easily, make online appointments, access to e-statements, online payments and health records. Digital tools play vital role in smoothly implementing the Value-based care (VBC) model by studying data, finding gaps in care and reach out to patients at the earliest
Wearable technology – A much needed Healthcare extension
Tools like smart watches, smart eye wears, applications, fitness tracker devices provides data that helps practitioners to easily share information, diagnose issue, observe health progress and comes to intervene when necessary. Such devices are helping patients to check vitals, activity progress and helps patients to stay encouraged in their routine life. Health care provider can make more informed care decisions by using this additional data coming from these smaller and easily accessible technologies.
Telemedicine tools – Enabling doctors on-the-go
These are very important for those who lead busy lives and can’t seek required care through other means. Telemedicine has also been significant to the value-based care model. This tool allows provider to practice the caring for patients by using electronic devices when they are not actually present with each other. It eliminates excess medical travel for both patient and provider. Providers can practice care for more patients in less time with no additional stress. Physicians can see extra patients without the need to employ additional staff or increase office space thus, resulting in more revenues. It’s very convenient, time saving and money saving tool.
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