Merritt Group Blog

Decoding Health Care’s Biggest Buzzword: Value-Based Care

If there was a winner for biggest buzzword of the year in health care, this year’s may just be value-based care. It’s come to stand for what the future of care can — and should — be, but survey after survey shows it’s discussed often but implemented rarely.

To make sure your organization is able to move past the value-based care buzzword and join the ranks of hospitals and practices moving health care forward, let's first take a minute to understand what it means to move beyond the buzzwords and into practical applications that keep patients happy and healthy.

What is Value-Based Care?
In recent years, the health industry has moved from its traditional fee-for-service model to a value-based care model. At the heart of value-based care is a focus on keeping patients their healthiest, emphasizing quality of care and improved long-term patient outcomes. This means physicians are focused on providing care that makes the most sense for the long term, removing duplicate tests or short-term solutions. Consumers are expected to be more engaged in their health care journey with value-based care, playing an active role through treatment options like lifestyle changes.

What is it Replacing?
In the past, health care has relied on a fee-for-service model. This type of care focused more on the services provided as silos, instead of taking an integrated or well-rounded approach to care. However, with the passage of the Affordable Care Act and increased involvement from consumers in their own health care journeys, this model began to take a back seat to the more integrated value-based care model. Think of the difference in models this way: The traditional fee-for-service model focused on quantity of services, whereas value-based care focuses on quality over quantity.  

What Does the Future of Value-Based Care Look Like?
As more providers and health plans move toward value-based care, providers should be prepared to take a more holistic, patient-centered approach to care. With its focus on keeping consumers out of the hospital, physicians will need to use the tools and technologies at their disposal, such as remote patient monitoring and telemedicine, to provide proactive and preventative care. Understanding external factors that impact a patient’s health will be key to a great health care.

The future is right around the corner in health care. With determination and a dedication to improving access and quality of care, concepts like value-based care can move beyond a buzzword to become a changing force in health care.

Want more information on how to position your company in the health care space? Contact Merritt Group today, and let's start a conversation!

 

 

Topics: thought leadership