Have you heard about the new value based health care initiative? It is meant to ensure that hospitals and medical professionals are paid according to the quality of care that they are able to afford their patients and not purely by the number of patients treated. If differs from the traditional fee for service approach that has been traditionally in place since the advent of modern medicine. The value based health care system is based is paying for the said value based on the success of the treatment offered and desirable health outcomes provided versus the cost of delivering the said treatments and outcomes.
Value based health care is a model by which healthcare providers including physicians and hospitals get paid based on individual health outcomes of a patient. This is in contrast to a situation when physicians get paid for only the services they offer. Healthcare outcomes are slow, and are the results put by the patient, external services, and health providers over a long time magnified positively by good health for the patient. Positive outcomes can also be established in a short term for example when diabetic people have the HbA1c test to help establish the baseline blood sugar level, and they are rewarded when they control their sugar levels. Patients may receive incentives to encourage them take medications as per the prescriptions.
Value based health care has enormous benefits extending to medical providers, patients, and the general society. With value-based care the money patients spend is reduced and they get to achieve positive health outcomes. Patients have fewer visits to the doctors, medical procedures, medical tests and spend less in health facilities. Patients also recover more quickly from injuries and diseases.
With fee-for-service you end up spending many hours with doctors without getting the value for the much-spent time in office. Some people describe fee-for-service as a volume-based business model, which only aim at spending more time with a clinician to get more money. With the value-based model physicians share among themselves patient data to enhance coordination in all hospital departments so that care can be measured easily.
Health providers often spend less time in the management of chronic illnesses and spend more to invent new ways of preventing patient illness. Patient management and quality of care tends to increase when care tends towards value for the patient instead of volume. As a result, patient satisfaction is enhanced while achieving efficiency.
There is also reducing risk per patient and control for cost. In this case risks are spread over a large population. When the larger population is healthier money claims form insurance agencies is minimized and these can create a greater pool of money to be used to finance medical innovations. Unity is strength could not be over-emphasized in this scenario.
The value-based systems is here to finally link the value of reimbursements give to medical facilities and the benefits that the patients received. It makes the healthcare provider consider the quality of care that they are actually delivering to the patients rather than money oriented in and out procedures. This system is the future and the way to go for health care of the future, it remains to be seen how stakeholders embrace the changes and profit from a healthier nation.
Value based health care should be better for most of us.