Numerous healthcare providers, including Medicaid, are seeking to transform their targets to focus on value-based data-driven incentives that reward top quality, cost-effective patient care. Given recent advancements in healthcare technologies, the ability to provide more accessible care at a lower cost and at greater value for the patient is wholely possible - value-based care seeks to provide exactly that.
Why use Value-Based care instead of the usual fee-for-service care?
In the US particularly, many healthcare providers are fee-driven - this means that hospitals and doctors are paid according to the number of treatments or services they can deliver. However, this form of care does not actually prioritize the health outcome of the patient, simply the amount of services administered - Value-Based Healthcare seeks to turn that on its head.
A value-based approach is designed around patient engagement and happiness. Medical care teams seek to prioritize individual needs, whether preventive, chronic or acute. In turn, patients benefit from a team that coordinate care, and technology that connects them with information that helps them on the way to the right care — across the entirety of the health care system.
In typical circumstance, overhauling a service in this way would most likely result in higher costs, as the workforce dedicated more and more time to individual cases, straining the system. However, the growth of various technologies in healthcare such as Interoperability & Telemedicine means that the costs of consultations and check ups can be massively reduced, allowing for this further investment in the patient experience.