Value-based care has started to prove its worth to both healthcare providers and patients, with private capital quadrupling in recent years, according to a McKinsey & Company study. The effects of the world going through a pandemic continue to set the healthcare world on the path of revolution.
The essence of this framework focuses on connecting reimbursement payments to quality of care, rewarding excellent providers, and creating a more efficient system. More healthcare professionals have seen the need to retrospectively change the standard fee-for-service payment methods based on annual fee schedules or services delivered.
Value-Based Care: Things to Consider
To deliver the best options to clients, consider the below facts about value-based care.
Value-Based Care Provides Cost Savings
With a focus on recovery, this framework means patients spend less money. This methodology helps give physicians financial freedom that provides flexibility to provide the necessary care when needed without thinking about billable care. It means better healthcare management for patients with chronic diseases without spending excess energy and time on treatment.
Healthcare Providers Receive Bundled Payments
Value-based care uses bundled payments instead of the old way of doing things. It means each situation of care, whether it involves multiple physicians, procedures, or care settings, equates to providers receiving collective reimbursement. The payment each provider receives, such as the surgeon or anesthesiologist, would receive payments based on historical prices. While it comes with risk, decreasing costs associated with the services below a bundled price may mean more money for the care providers.
Healthcare Professionals Offer Centralized Care
When faced with a severe illness, patients often have the extra hassle of multiple bills from doctors and facilities. Value-based care uses a patient-centered medical home delivery model coordinated through a person’s primary physician. It allows medical needs to stay on the same page, regardless of the care services needed. It also enhanced one-on-one relationships between a patient and physicians.
Patients Stay Healthier
Once patients receive the proper care at the right time, it leads to healthier patients. Patients receiving more rounded care, regardless of the illness, often have less need for hospital visits or face medical emergencies. Following this framework allows physicians and other medical professionals to provide patient-focused care. Providing professional medical care without additional worries leads to fewer medical errors. Not only does that benefit patients, it also helps decrease spending and eases potential insurance concerns.
Suppliers Benefit Value-Based Care Benefits Suppliers
A continued rise in prescription drug prices and other supplies takes its toll on the healthcare industry. People needing help to afford a prescription may forgo or take it improperly. Increased focus on better quality of care helps people better navigate illnesses and diseases. Since suppliers base prices on outcomes, a healthier society may also help suppliers provide more cost-effective solutions.
The healthcare industry continues to shift toward well-being and preventive care. Value-based care has evolved from a framework to a vital methodology to help make that happen.
About Connected Risk Solutions
At Connected Risk Solutions, we use our expertise and experience to provide insurance information and programs to those who serve long-term care and senior living facilities. Since 2007, we’ve been offering insurance and risk management plans designed to help our agents give their clients the ability to achieve continued growth while simultaneously protecting against loss, containing costs and increasing profitability. With three offices to serve you in Chicago, Illinois; Phoenix, Arizona; and Burlington, Connecticut, we do everything we can to make your experience with us as professional and transparent as possible. To learn more, contact us at (877) 890-9301.