What is Value Based Care?
Before we dive into the benefits, let’s first review what a value-based healthcare delivery model is. At its core, the value-based healthcare delivery model motivates healthcare providers to focus on the quality of services rendered, as opposed to the quantity. Providers, including hospitals and physicians, are paid based on patient health outcomes.
Under value-based care agreements, participating clinicians are rewarded for promoting healthy patient outcomes, reducing the chronic disease burden, and helping their patients live healthier lives through evidence-based medicine.1
Back in 2010, the Affordable Care Act (ACA) caught a lot of coverage for its health insurance reforms. However, it also contained numerous provisions that directly targeted how health care is organized, delivered, and paid for in the US. These provisions took aim at the well-known inadequacies of the U.S. health system, from the inefficiency and high cost of the predominantly fee-for-service system, where providers are paid based on the amount of healthcare services they deliver, to the extreme inconsistencies in the quality-of-care patients receive depending on their geographic location. The provisions in the ACA aimed to address some of these longstanding problems, centering on: testing of new models of health care delivery; shifting from reimbursement based upon the volume of services provided to one based on the value of care, and; investing in resources for systemwide improvement.2
What Are The Benefits of Value-Based Care?
Value-based care is a healthcare delivery model that aims to provide high-quality care to patients while reducing costs. Here are some examples of the numerous benefits of value-based care for both patients and providers.
Benefits for Patients
- Better outcomes: Value-based care focuses on patient outcomes rather than the volume of services provided. This means that healthcare providers are incentivized to deliver care that results in better outcomes for patients, such as improved health status and quality of life.
- Improved patient experience: Value-based care is designed to be patient-centered, which means that it prioritizes the needs and preferences of patients. This can lead to a more positive experience for patients, as they feel more involved in their care and have greater access to information and support.
- Reduced costs: By focusing on outcomes and efficiency, value-based care can help to reduce the overall cost of healthcare. This can result in lower out-of-pocket expenses for patients, as well as lower costs for insurance providers and the healthcare system as a whole.
- Enhanced care coordination: Value-based care encourages healthcare providers to work together to deliver coordinated, comprehensive care to patients. This can result in better communication and collaboration between providers, which can lead to improved outcomes and a more seamless care experience for patients.
- Prevention and early intervention: Value-based care emphasizes the importance of preventive care and early intervention, which can help to identify and address health issues before they become more serious and costly. This can result in better health outcomes and lower healthcare costs over the long term.
Overall, value-based care can provide a range of benefits for patients, including better outcomes, a more positive care experience, lower costs, enhanced care coordination, and a focus on prevention and early intervention.
Benefits for Providers
- Incentives for quality care: Value-based care incentivizes healthcare providers to deliver high-quality care that improves patient outcomes and reduces costs. This can lead to greater job satisfaction and a sense of purpose for providers, as they see the positive impact of their work on patient health.
- Improved financial stability: Value-based care can help healthcare providers to stabilize their revenue streams by incentivizing them to focus on delivering efficient, high-quality care. This can lead to more predictable and sustainable revenue over the long term.
- Reduced administrative burden: Value-based care often involves streamlined administrative processes that reduce the burden on providers. For example, electronic health records (EHRs) and other digital tools can make it easier for providers to share information and coordinate care.
- Enhanced care coordination: Value-based care encourages healthcare providers to work together to deliver coordinated, comprehensive care to patients. This can result in better communication and collaboration between providers, which can make their work more efficient and effective.
- Opportunities for innovation: Value-based care incentivizes healthcare providers to innovate and experiment with new approaches to care delivery that improve outcomes and reduce costs. This can lead to greater job satisfaction for providers who are excited about the prospect of improving patient care through innovation.
Value-based care can provide a range of benefits for healthcare providers, including incentives for quality care, improved financial stability, reduced administrative burden, enhanced care coordination, and opportunities for innovation. These benefits can help to improve job satisfaction and make healthcare providers feel more fulfilled and engaged in their work.
VitalTech and Value-Based Care
When used in a value-based care delivery model, VitalTech’s remote patient monitoring (RPM) solution can provide a range of benefits, including:
- Improved patient outcomes: VitalTech can help providers identify health issues earlier and intervene before they become more serious, resulting in better patient outcomes. By monitoring patients remotely, healthcare providers can also adjust treatment plans more quickly and accurately, leading to better health outcomes.
- Reduced healthcare costs: VitalTech can help reduce healthcare costs by preventing hospital readmissions, reducing emergency room visits, and allowing for more efficient use of resources. By detecting potential health issues earlier, RPM can also help to avoid costly treatments and procedures down the line.
- Enhanced patient engagement: VitalTech can help patients take a more active role in their own care by providing them with access to their health data and encouraging them to monitor their own health. This can lead to greater patient satisfaction and improved health outcomes.
- Improved care coordination: VitalTech can facilitate better communication and collaboration between healthcare providers, resulting in more coordinated and efficient care. Providers can easily share patient data and work together to develop treatment plans that are tailored to each patient’s unique needs.
- Increased provider efficiency: VitalTech can help healthcare providers to manage their patient populations more efficiently and effectively, reducing the time and resources needed for patient care. By identifying health issues earlier and intervening more quickly, providers can also reduce the time required for follow-up visits and other care-related activities.
VitalTech can provide a range of benefits in a value-based care delivery model, including improved patient outcomes, reduced healthcare costs, enhanced patient engagement, improved care coordination, and increased provider efficiency. By incorporating RPM into their care delivery model, healthcare providers can improve the quality of care they provide while simultaneously reducing costs and improving patient satisfaction.
Interested in learning how VitalTech’s remote patient monitoring can be an active part of value-based care?