The healthcare industry continues to evolve, and providers are transitioning to value-based care. Some providers are wary of this transition as they do not know how it will impact their bottom line and productivity. What is value-based care and what does it mean for providers?
Value-based care (VBC) is a model of care delivery in which healthcare providers earn reimbursements based on patient outcomes and the quality of the service they deliver. This is different than the traditional fee-for-service model that has been in place for most of American modern medical history. Fee-for-service models have providers paid for each service they provide, no matter the outcome. The main difference is how providers receive their revenue. The Value-based care model aims to set the quality of care and success of the patient as the driving forces of healthcare providers rather than offering as many services as possible to grow revenue.
What does this mean for providers?
Implementing a value-based care model means better health for patients at a lower cost to both them and their provider. Providers are now driven by patient results, allowing them to focus on the most efficient and beneficial avenue to care. Patients no longer have to worry about how much each individual service a provider will charge them for, and will be more likely to engage in their care along the way. With an increase in positive outcomes, providers can still grow their bottom line with the value-based care model.
The Impact of New and Existing Technology
Online Engagement Tools
Digital patient care solutions have made waves in the industry over the last 10 years. Patients now have access to digital tools in every area of their life, and they expect their healthcare to be the same. Tools like the patient portal are making it possible for patients to communicate more easily with their providers. Here they can also schedule appointments, pay their bill, and understand their PHI. Increasing patient engagement with online tools is the best way to help your patients achieve the best outcome possible. Tools like this are instrumental to the value-based care model.
Wearable technology is highly accessible in 2023 and providers should take advantage of its features as they transition to value-based care. Tools like smartwatches or apps on mobile devices are helping patients keep track of their vitals and activity progress. This data can be helpful for tracking a patient’s progress and gaining insight into their activity levels and overall health patterns. These tools are also great for helping patients stay motivated and active in their day to day life.
Telemedicine has also been instrumental to the value-based care model. This tool enables patients to visit with their providers more easily, from nearly anywhere. Patients who lead busy lives can still visit with their providers virtually and avoid large time disruptions in their schedule. It also eliminates excess medical travel and enables patients to play a more active role in their care with no added stress. This tool is incredibly for providers looking for ways to visit with more patients in less time and keep high levels of patient engagement.
To learn more about tools that can help providers transition to the value-based care model, click here.