Value-based care is a concept that has existed for about fifteen years now, but only during the COVID pandemic has this concept truly started gaining traction within the medical industry. There are some medical professionals who believe the quality of care they can provide for their patients will improve dramatically if they convert to a value-based care system.
Now, if you’re going to change to this model, there will be certain parties that are impacted by the change. There are three groups that are affected by value-based care, and we’re going to go over how each group gets affected,
Patients
Value-based care is a model that will reward healthcare professionals and providers based on the satisfaction of the patients rather than a flat fee for services. Because of this, patients benefit greatly from this new model, only needing to go through the steps that are absolutely necessary for proper care, while avoiding the unneeded steps.
Not only does this raise patient satisfaction, but it also raises how much money patients can save. Value-based models have a great focus on preventative care measures, which cuts down on the number of treatments and doctor visits that patients will need.
Providers
Physicians across the medical industry work with thousands of patients every year. This results in around half of them experiencing burnout in one way or another. The reason for seeing so many patients per year is because standard healthcare models promote quantity instead of quality.
Value-based care cuts down the number of patients each physician sees in a year. While this might seem like a downgrade, the tradeoff is that physicians can deliver a higher quality of care to each patient they have. This can be attributed to reduced burnout and an increased amount of time that physicians can spend with each of their patients. This results in physicians satisfying a higher percentage of patients.
Payers
Healthcare expenses are driven by three primary factors: social needs, mental health care, and medical needs that have not been met. These can all cause your medical bills to go up if you don’t deliver services in a timely manner. It’s for this reason that task-driven care is so important, since it gives patients better experiences and also saves payers a great amount of money in the long haul.
The money you save is a result of being proactive rather than reactive. Currently, healthcare industries tend to spend around 5% of their budget on primary levels of care. However, if more money gets spent at this level, like in the case of value-based care, less money gets spent on reactive care because it allows doctors to address problems early before those problems have a chance to escalate.
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