“What is Value-Based Care?”
Health care providers are now being encouraged to shift from volume-based care, where providers get reimbursed based on the amount of services provided, to Value-Based Care. Ultimately, this means that hospitals and doctors are now being rewarded for keeping their patients healthy, and not solely for the amount of tests and procedures (volume) they provide. This benefits the patient, the health care provider, and the payor by encouraging providers to deliver quality care at the lowest cost.
“Value-Based Care vs. Fee-for-Service Care”
In the past, hospitals and doctors were paid in a volume-based care, or fee-for-service, model, which meant that they were reimbursed whenever they delivered a health care service. Basically, the more that was “done”, the more money the providers made. This model rewarded providers for simply running tests and procedures and, when it came time for reimbursement, did not take into account whether a patient’s health improved. The switch to Value-Based Care aims to address this problem by rewarding hospitals when the health of their patients improves, and penalizing them when it doesn’t. All in all, this reimbursement method encourages doctors to provide high quality care at a low cost, saving money for patients and health care providers.
“What are the key benefits of Value-Based Care?”
“How is Value-Based Care and Population Health Management related?”
The transition to Value-Based Care requires health care providers to track patients and monitor care quality like never before. Because of this, software like PopulationManager® from Forward Health Group is being used by health care providers far and wide to improve patient outcomes and cut costs. Population Health Management software uses trusted data and measures that matter, providing benefits for health care providers. Maximization of care coordination, identification of at-risk patients, faster patient outcomes, improvement of physician and clinic performance, and outlier patient determination are just a few. With these benefits and more, health care providers can speed their transition to Value-Based Care.
“How can Forward Health Group help with Value-Based Care practices?”
Forward Health Group is dedicated to speeding your transition to Value-Based Care. Right away, we ask questions like, “What do you want to improve?” and focus on your desired populations and measures so we can organize your data in ways that make you more powerful. Data warehouses and large teams of Data Analysts can be a thing of the past with Forward Health Group. We’ll take care of your data in a safe, accurate manner so you can focus on driving health care innovation while lowering costs – possible thanks to FHG’s uniquely persistent data stewardship – a continual, careful, curation of your data. For instance, a seemingly trivial thing – a completely accurate panel of patients for physicians is routine with Forward Health Group. Finally, with data they can trust, docs can focus on what they do best: practicing medicine. You can do it: maximize care coordination, identify at-risk patients, drive better patient outcomes, and fill care gaps all with FHG’s service enabled technology. Your transition to Value-Based Care starts with Forward Health Group, your partner in outcomes improvement.