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From Fee for Service to Fee for Value: A Valuable Change in The Healthcare Industry

Patient consumerism is pushing practices to switch from a fee-for-service to a VBC model. Technological advancements have changed how the healthcare industry operates. CMS demands that medical practices and healthcare systems offer their clients "value-based" services. The service provided will be reimbursed based on the service itself, not the number of procedures performed. But by the gross healthcare provided to the patients.

This model is cost-effective for patients and providers alike. It saves money by systematizing processes and coordinating care. It lessens the repetition of services or tests by building associations with drug companies. It reduces readmissions, emergency visits, and unnecessary admission procedures. This benefits medical practices by increasing their productivity. Patients can recover quickly in this way. There will be fewer doctor's visits, tests, procedures, and prescriptions. This allows Practices to add more value, enabling them to provide care at each event.

The value-based care model focuses on a proactive, team-oriented approach. It makes patient information available if needed from trusted sources. It helps care services to be coordinated. The benefits of this system are not limited to the clients. However, this extends to medical practices, medical billers, and medical billing companies.

Patients receive optimal Healthcare service at affordable cost.

Treating a chronic condition like diabetes, COPD, obesity, or cancer is very expensive. The value-based care model focuses on prevention techniques for these types of illnesses. This results in fewer doctor visits and less money spent on medication. It will lead to both long-term and short-term health benefits.

Medical Practices/Healthcare Systems achieve greater Patient satisfaction resulting in higher brand loyalty.

Following the value-based model, medical practices can focus on patient care. This helps patients deal with their illnesses with a much better outcome. It will increase the 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 occurs when a healthier population files fewer claims. Which relieves pressure on the premium pools and investment of medical billing businesses. More so, they can bundle payments for patients to cover their full healthcare cycle. Especially for those with chronic illnesses, 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. A value-based care model can reduce healthcare expenditure from the current 18% of GDP.

Ways in which Value Based Care can be initiated easily

Digital Care – Easy Access to Patient Healthcare Data

Tools help to better understand the patient's condition and treatment plans. Digital solutions are available in every field of life. So, patients expect providers to make sure of the same. Such tools make it easy for patients to connect and make online appointments. They have access to e-statements, make online payments, and access their health records. Digital tools play a vital role in implementing the value-based care (VBC) model. By studying data, finding gaps in care, and reaching out to patients at the earliest.

Wearable technology – A much needed Healthcare extension

Devices that communicate data, such as fitness trackers and smartwatches. They make it easier for physicians to diagnose issues. Such devices help patients check important activity progress. Healthcare providers can make more informed care decisions by using these 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. Electronic devices allow physicians to provide extra care to their patients. It eliminates excess medical travel for both patients and providers. Providers can practice care for more patients in less time with less stress. Physicians can see extra patients without hiring new staff. Thus resulting in more revenues. It's a very convenient, time-saving, and money-saving tool.

AltuMed is a Medical Billing and Software Company that understands the importance of Value Based Care Model. Have a look at our Medical Billing Services or contact us to find out more

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