3 Reasons Why Value-Based Care Options Improve Quality
When it comes to value-based care options, experiments are still ongoing with better and highly-evolved choices expected to come to the forefront in the days to come. However, it does not in indicate that the present options in any way lack the treatment quality for patients.
Rather there has been a massive rise in the number of people looking for the flexible and economical ways of treatment that a value-based healthcare system offers -- and the demand has multiplied in all the three domains of healthcare including physical, mental and social.
The constant pursuit of mankind to create a healthier society has been stunted by the emergence of chronic diseases in aging populations. It is where a value-based healthcare concept seems to be highly effective and in line with the real objective of health care: increasing value. The health outcomes measure value which certainly matters to the patients who analyze it relative to the cost of achieving these outcomes.
In order to ensure that value-based healthcare is implemented to the fullest and all the domains of health are included in the care-cycle, transformation must be introduced from both the healthcare providers as well as the patients. The emphasis should be to establish true health outcomes, implementing appropriate health payment schemes, and strengthen primary care to build integrated health systems that reduce moral hazards but aggressively promote value to ensure a health policy as well as health information technology that fits well the community is created.
Understanding The Genesis Of Value-Based Care
A value-based care is a type of reimbursement that decides the payments for care delivery based on the quality of care provided by the care provider. It rewards providers for both effective patient engagement, care effectiveness, and efficiency. In the past few years, this type of reimbursement has evolved as one of the most efficient alternatives and potential replacement for the regular fee-for-service type of reimbursements in which the patients/payer pay the provider retrospectively for the services they deliver on annual fee schedules or bill charges.
The traditional fee-for-service reimbursement model promotes quantity of services. However, lately, the federal medical programs have developed multiple reimbursement programs rewarding healthcare providers for the quality of care they provide to the patients. The primary aim of such value-based care programs is to fulfill three objectives:
To provide better care to individual patients
Improving the strategies for population health management
Reducing the overall healthcare costs
Better Patient Engagement And Contribution Of Value-Based Care
According to a study that was published in BMJ Quality & Safety in 2017 the chances of re-hospitalization were reduced by 39% with better patient-provider communication and a higher score of patient satisfaction. Those patients who perceived that their healthcare providers were truly giving them due attention and were listening to them keenly reported 32% less readmission.
The study also showed that better patient engagement improved the overall wellness including patient-goal setting. A value-based care system ensures that the patient and provider engagement is focused and the caretaker gives all the attention to the patient. The value-based payment structures make the maintenance of a consistently high level of health of the patients possible and it can be further enhanced with better communication and patient education.
Putting The Patients First With BPCI Advanced
And this is exactly what the Centers for Medicare & Medicaid Services (CMS) Center for Medicare and Medicaid Innovation (Innovation Center) are planning to do by announcing a completely novel voluntary episode payment model – Bundled Payments for Care Improvement Advanced (PBCI Advanced). With this model, the centers aim to test a new iteration of bundled payments for 32 Clinical Episodes with the aim to align incentives among participating health care providers to reduce expenditures and improve quality of care for Medicare beneficiaries.
This model will be run under the Quality Payment Program as an Advanced Alternative Payment Model (APM) which is exactly what patients can expect with a value-based care. Most important goals of this model are to provide an affordable, accessible healthcare system that puts the patients first. And it can be easily achieved with the help of latest provider engagement software.
3 Reasons How Value-Based Care Can Improve Treatment Quality Of Patients
1. Cuts Down Misdiagnosis Chances
With the cost pressures in the healthcare sector increasing steadily, established remuneration models related to healthcare services are now undergoing transition around the world. Now fees for performance and value-based systems are most eagerly preferred over the increased fees for service. Even the major players in the medical fraternity including Medicare and Medicaid in the United States, the National Healthcare Institute in the Netherlands, the National Health Service in the UK and many other leading university hospitals in Europe have taken a step in this direction.
Correct and timely diagnosis is the path to a successful and positive patient outcome. When a patient visits a doctor for the first time, the initial few minutes are dedicated to determining the subsequent steps that directly influence the cost and of course the treatment. The diagnosis itself being a complex challenge it has a high potential for human error as well as errors that arise from the whole system itself.
Misdiagnosis is a serious issue that can lead to unnecessary treatment of non-existing conditions or improper treatment or even proper yet delayed treatment. All these issues not only impact the patient but also the provider. More often, the diagnostic errors are caused as a result of staff shortages, temporary overwork or even time pressure. The occurrence of diagnostic errors can be restricted with the help of a modern software-based workforce management system that contributes in optimizing the organization of in-house resources.
When robust hospital information systems and innovative user-friendly diagnostic tools are used it cuts down errors leading to faster and accurate diagnosis.
2. Greater Transparency Leads To Improved Outcomes
It is an established fact that quality of diagnosis, treatment decisions based on this diagnosis and the monitoring of the treatment can have a significant impact on the patient outcomes. However, it is very much important that the results are transparent if improved outcomes are expected. According to economist Michel Porter, the providers do not have an option but to improve value if they want to survive the challenges of lower payment rates and potential loss of market share.
Although the hospital managers are well aware of this situation, they are not aware of the suitable measurement methods. With the patient engagement software, a healthcare provider is solely dedicated to one patient and all his attention is focused on the patient. The discussion is more on a one-to-one basis with the patient entirely depending on the provider for his suggestions. The credibility of the healthcare provider is at stake and he is certainly handling more responsibility of taking care of the patient across the care continuum while serving a hospital environment and after the patient starts their recovery outside the hospital stay.
The approach is more practical and effective as no payment adjustments are expected. The transparency in communication ensures that patient is well aware of the condition and is prepared to face the health challenges, and is more accountable for their own responsibilities for a good recovery. This ultimately leads to a positive outcome as the healthcare providers as well as the patient is well aware of their recovery needs and responsibilities.
3. Better Continuity Care Post-Discharge
Today’s healthcare organizations are highly sophisticated albeit fragmented, a collection of service providers. Until a decade ago, a patient’s case ended with a transfer to a specialist or another provider or discharge. However, follow-up was not considered an important step in the success of a treatment. The rising costs have made the payers more aware of the methods to optimize the use of available healthcare resources.
It is quite possible to improve patient outcomes as well as reduce the costs by embracing the overall patient journey, and following patients using the latest value-based care health software. Even the law supports and favors healthcare organizations in the U.S. that foster communication, coordination, and follow-up with the specialists, rehabilitation centers, and general practitioners whom the patients visit after discharge.
The patients can easily communicate with their respective specialists and healthcare providers using the same platform without patients having to leave their homes, and healthcare providers keep a tab on a patient's health condition without incurring extra costs for the services offered by the hospitals.
Telehealth and patient monitoring software is the right answer that fulfills all the expectations of the patients and the care-providers who not only are seeking technically accurate statistics and transparency but are expecting to cut down on expenses as well as time spent in transition after the initial clinic visit or hospital stay. Remote monitoring and video visits for patients with complicated health conditions is now fast becoming largely popular as it lowers costs and promotes simplicity, patient visibility, transparency and operational efficiency.
With the leverage Lifecycle Health technology platform and patient navigation services, you can easily transform a healthcare provider's operations and patient care services into a streamlined, affordable, and effective patient experience.