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What is impact of Value-Based Care on your Practice?

‘Value-based Care’ has created a bit of confusion among healthcare professionals. This is as critical as evidence-based medicine. The providers first give importance to safety, then comes ‘value’ which is followed by the highest quality elevating access and medical treatments. The impact on the quality of care is enormous.

The value-based care models make it vitally important to engage with patients who are transitioning from home. The programs support all value-based care interventions and education; in spite of all the advantages provided, the providers and patients do face some challenges.

How to overcome the challenges faced during the transition?

Under value-based care, the providers are responsible for ensuring that their patients receive the services that give the best results; by easily gathering enough information about the patients. Though there is a reduction in medical errors and diagnoses there are still some concerns.

  • Must understand patient population needs and get proper treatment available.
  • Cutting costs and improving quality to drive value by reviewing and discussing patient care, and taking time to discuss each patient’s schedule.
  • Establishing a flow that implements effective processes that help to build patient accountability.
  • Providers must identify quality indicators that align with payor’s expectations
  • Create and follow a proper plan that makes an easy transition to a value-based payment model without any strain or hassle on the practice.

What are the benefits of value-based care?

Value-based care involves a proactive approach, promoting service quality. It combines information regarding patient outcomes and medical cost data in a meaningful, and actionable way. The outcomes produced, result in improved patient health services and satisfaction.

  • In the value-based care model, patients spend less money to achieve better health, especially when it comes to managing chronic diseases.
  • With less labor, the providers achieve more efficient patient care while generating more patient satisfaction. In other words, due to the increase in access to care higher volume of patients is managed.
  • As a whole, society’s health improves while decreasing the cost, especially for chronic diseases. Also, hospitalizations and medical emergencies are reduced.
  • There is improved in efficiency and depletion of payors’s premium payment and investment
  • Makes healthcare more efficient with better quality and safety. Patients have more options in choosing where to receive care. There is continuous monitoring of total costs across the continuum of care
  • The extensive collaboration with all who share the value-based healthcare delivery vision

What is the difference between traditional and value-based care?

Traditional:

  • Lack of technology and poor coordination with other healthcare professionals makes it difficult for the providers to gain incentives.
  • Data is trapped in huge repositories and sites. Therefore, there is a lack of sophisticated data analytics used across populations.
  • Whenever there is a sudden injury or illness, there is the active participation of the providers.
  • There is confusion and frustration and consumers often have to manage their own care.
  • Many accept the expenses without corresponding improvements in health.

Value-based care:

  • There is an enhancement in the workflow and improvement in care coordination by identifying ongoing health risks and analyzing data across the practice.
  • Value means quality and patient health improvements, and so the payment is based on the quality of care provided to the patients.
  • Value-based care is more inclined towards keeping people healthy. It provides treatments for chronic conditions and other preventive methods for other conditions.
  • The coordinated care team supports their valuable consumers.
  • Because of the updated technology and value-based care, access to all the data is easily available and coordinated across the entire health system.

How can your practice advance in value-based care?

Your practice can advance by creating better health plans that give more financial incentives and help fulfill the community’s needs. The care providers should accomplish all this with their high performance and motivation.

The practice should provide connections to tools and guidance for value-based care, with help of technology, and data management, resulting in satisfying financial rewards.

In value-based care, the better the patients’ health, the better the outcomes. For example, if a patient’s blood pressure is under control after a prolonged illness. This type of care is more comprehensive as it puts patients’ needs first.

There are four main types of process:

  1. Shared Risk – making the transition to value-based care requires the organization to keep spending at or below target.
  2. Global Capitation – short-term and long-term patients share costs.
  3. Bundles – the practice profits from cutting the cost of spending on a few components of care included in the bundle.
  4. Shared Savings– the practice strives for a target budget spent on a volume-based payment model

How does value-based healthcare influence innovative healthcare delivery?

Collaborative team-oriented approaches can expand in several ways that are operationally defined, measurable, and contribute to high-quality patient care. The primary care physician directs the patient toward a care-coordinated team. Due to this care coordination, the outcomes are measured easily.

What changes for the patients with value-based care?

Value-based care’s main aim is to refrain from any kind of serious health complications. It saves the hassle of going to different providers and specialists, as opposed to having one integrated team to take care of primary care providers, other healthcare professionals, and nutritionists, all at one stop. For instance, maintaining a proper diet and exercise program, and also being able to deal with other psychological issues pertaining to ongoing illness.

Value-based care reduces costs

In value-based care, the charges are bundled rather than paying for individual tests or advice. This is useful in more complex cases like joint replacements. The basic concept is that providers and hospitals get paid based on outcomes.

Improved electronic health records, provide more convenience in maintaining data and integrating it to other systems without any hassle. It makes sure there is no repetition of tests and also coordinates the communication with other specialists so that the patients are treated within less time frame and get better health outcomes. Patients move through this integrated system quicker than through volume-based care. In this system, there are positive health outcomes at nominal costs; also patients face fewer visitations to the emergency ward and hospitalization.

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