The healthcare shift from a fee-for-service payment model to Value-Based care has aided Payers. In value-based care models, reimbursement is based on the value derived from the services. Let’s have a look at how Payers have profited from this change.
An essential part of the Value-based approach is the focus on preventive and proactive care. It has encouraged providers and healthcare systems to figure out ways to boost the overall wellness of the patient, thereby increasing the health of a community. Better health of individuals translates to minimized services required, directly benefiting Payers.
Payers enjoy a strong control over the cost of healthcare through Value-based care. It was introduced to support the triple aim of providing better care for individuals, improving the health of the general population and decreasing the overall cost of healthcare. Thus, it enables better outcomes and brings down the cost of healthcare.
Providers receive incentives or penalties based on the outcome of the care rendered. Hospital readmissions and prolonged waiting times decrease value and therefore raise the penalties whereas short in-patient hospital stays and better chronic care management bring incentives. Thus, providers focus on delivering better care, ultimately helping payers.
The move to a value-based approach can be daunting and exhaustive. But, worry not! With the right technology, the transition to value-based care can be smooth and successful. To achieve value-based care, payers need to leverage clinical data and invest in Health IT. RapidFire is a FHIR-standard interoperability solution that aids in value-based care initiatives. It provides a wholesome view using actionable clinical data and real-time metrics to enhance value-based care.
Aigilx health specializes in developing Interoperability solutions to create a healthcare ecosystem and aids in the delivery of efficient, patient-centric and population-focused healthcare.