Benefits of a Value-Based Care Model
Increasingly medical providers are shifting towards Value-based care (VBC) model as health industry is continuously evolving. It has come out as a possible replacement of Fee-for-service traditional model based on quantity than quality. Some healthcare providers are hesitant for this change as they are not certain about the outcomes and how it will affect their productivity
In comparison to fee-for-service, value-based care model reward providers for the quality of the care they deliver to patients which is measured by health results and not the quantity of services performed to just raise financial returns. The motivating force of VBC model is to give value through quality and patient engagement than volume.
In basic terms, implementation of Value-based care (VBC) model means quality of care than quantity of care at lower cost to both the parties. Patients will be no longer concerned about how much they will be charged for each service separately and health care providers will focus more on effective and favorable ways to provide care. It’s an innovative way to reduce health costs and improve patient health.
This model is cost effective to patients and providers both, as saving the money by systematizing processes and coordinated care lessen repetition of services or tests, by building associations with drug companies, reducing readmissions, emergency visits and unnecessary admission procedures, benefits programs for employees to increase their productivity, preventing diseases by detailed discussions etc. Patients recover more quickly and as a result less doctor’s visits, test, procedures and prescription and providers can make higher value by providing care at each event will be rewarded with Value-based care model.
Value-based care model focused on proactive, team oriented approach of sharing patient information so that care services are structured and coordinated to study the outcomes easily. As we live in a digital world with amazing reach to massive information which is being used to provide more improved healthcare experience and reduced medical cost. Digital solutions consist of both hardware and software solutions and services helps to promote wellbeing and aid fast and low-cost communications.
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 estatements, 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.
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.
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 of 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.
AltuMED is a Certified MIPS registry and understand the importance of Value Based Care Service. Contact us to learn more.