4 mins read
March 3, 2021
Value-based care is becoming a major topic in healthcare. Many healthcare organizations have begun focusing their care around patients and their health conditions rather than fee-for-service.
While trying to succeed with the value-based care models, few challenges may arise because not all patients receive the same treatment for the same illness, and some patients & their families want to be treated differently based on their preferences. Also, the quality of healthcare delivery in terms of patient outcomes differs among hospitals. However, the outbreak of the COVID-19 pandemic exposed the limitations on a fee-for-service reimbursement and created pressure to focus on value-based care. Here are the top 5 value-based care trends to watch out for in 2021.
In the year 2020, we all know that half of the healthcare providers depend on fee-for-services, which can leave providers vulnerable to the changes in demand. As the demand for quality healthcare and advanced software for access to health remotely increased during the COVID-19 pandemic, the healthcare providers who invested more in value-based care have been better able to drive more revenue today.
The rapid changes in healthcare driven by the pandemic created the need for providers to lean into value-based care. The new regulations and care delivery technologies like remote patient monitoring and telehealth create an opportunity for providers to realize a more rapid rate of return on investment in value-based care.
The COVID-19 pandemic created some transformation changes in the health care delivery models to manage patient care and to deliver value-based care in lower-cost settings. The federal and state governments offered various opportunities to deliver quality care via telemedicine and other digital health tools in times of emergency. CMS also created Acute Hospital Care at Home programs to increase hospital capacity during the pandemic.
Providers who have invested in this type of value-based care programs similarly provide an opportunity to offer quality care in a low-cost system, which also benefits physicians who are engaged well in value-based care. The healthcare providers who have adapted to the emerging digital technologies like robotic process automation and telehealth as the right way to overcome the challenges that occurred by the pandemic will also have beautiful opportunities to improve ROI.
While value-based care means to be an innovative adaption, 2021 presents new opportunities and innovation in both value-based payment and value-based care delivery models. Value-based care is becoming a standard in the 2021 healthcare industry – which means implementing the best value-based care models is very important to your organizations in today’s landscape.
Value-based care models create a long-lasting provider-patient relationship that benefits both you and the patients you treat. This kind of model focuses more on understanding what the patients need in terms of short term and long term – that results in increased patient engagement, improved patient outcomes, and reduced cost.
The social determinants of health data are one among the emerging value-based trends as the healthcare players are searching for creative ways to manage patient care through value-based models. Today, the payers and the healthcare providers are stated to recognize the important role that non-medical factors play in patient health care. By solving this kind of issue like transportation, housing, food, etc – both physicians and payers are now able to realize the benefits in improving patient outcomes while keeping the healthcare delivery costs relatively low.
Interoperability is critical to achieving in healthcare today in terms of both innovation and preventive care. So it is crucial to have complete access to the health information at the right time. Advancement in technology is a key to achieve success in value-based care. So how value-based care models should be designed? It should be in a clear, mutually beneficial system that puts patients as the main factor and makes it easy for patients and providers to access all the relevant health information across the care continuum.
As healthcare providers and payers are moving towards the revolutionary changes in healthcare, we can expect a tremendous interest in value-based care. Making the better transition to the value-based care models can be challenging. But the success of your healthcare organization and the well-being of your patients make it the right effort to the shift.