(Newswire.net — March 19, 2020) —
There is always room for improvement in the healthcare industry. Over the years health care evolved into a pricey and inefficient product. Hospitals have responded by moving away from the traditional method of fee-for-service to value-based care. Value-based care is measurable quality of received services. As the treatment quality increases, so do the quality of service the patient receives. The product, as well as the support team, are accountable. The patient now has the ability to report the quality of care.
1. Cost Reduction.
By nature of the method, value-based care promotes service quality. With value-based
health care patients not only have the right but the means to hold their health care providers accountable for the quality of services received. Satisfied patients mean satisfied insurers. This creates a healthy economic marketplace for providers. The ideal result of value-based care is that health care services, insurer relations, and medical services are improved.
2. Reduction of Medical Errors.
Medical error unfortunately can happen and has become a major concern in the medical industry. Insurers discovered that a substantial amount of funding has gone to ineffective resources. Some funds have even been used for harmful treatment. Because of this, health providers are buying policies where incentives are based on the organization’s performance. This means more care is taken during examinations and procedures. As a result, fewer medical errors are made.
3. Increased Patient Satisfaction
Value-based care reduces medical errors and rewards high-quality health care organizations. Studies have shown that poor incentives such as price discounts were not effective. Quality of care still suffered. Patient satisfaction is measured by simplified surveys. These help to determine a health care provider’s performance.
4. Healthy Habits are Encouraged
Value-based care offers incentives for employees to practice better health habits. Smoking, alcohol, and overeating can all contribute to poor health. Many employers will adjust their benefit packages in order to conform to the recommendations of their insurers. Employees, in turn, are rewarded for healthy behavior. This encourages employees to adopt healthier habits in their everyday lives. The incentives for employees to stop smoking, lose weight, and avoid excessive alcohol consumption promotes wellness. It also contributes to medical cost reduction. This directly relates to financial savings for all parties concerned. When healthy habits are rewarded, the wellness of employees increases. In turn, employees have fewer medical expenses to payout.
5. Well-informed Patients
High-quality healthcare resulting in improved outcomes attracts patients. Typically, in previous years, patients experienced frustration. They were overwhelmed because they were left to their own care. Minimal coordination with their health care provider meant a maximum of confusion. A successful health care provider ensures the patient that they are part of a team. Technology is used to organize the full scope of information pertaining to the care the patient receives. The patient is included and feels supported because they are part of their health support team.
Health care organizations are encouraged by value-based care to deliver improved treatments. Their patients receive custom-tailored care and are included in the coordination of their support team. Value-based care offers initiatives to administrators. Patients are motivated by improved care and treatment to help identify high-quality medical facilities. Value-based care is a course of action that promotes health organizations to a higher standard of service. When quality increases, community wellness improves.