Lead the Value-based Healthcare Payments transformation to the real future

Even after tons of experiments over the years on value-based healthcare payments, the worldwide healthcare system is yet to reach that complete transformation.

Even after emphasizing the importance of value-based healthcare, we are at a slow pace toward the ultimate goal. Value-based healthcare means putting the patient/individual at the center of focus and providing care in cost-effective ways. 

The best outcome of this was when the pandemic broke out. It showcased the benefits of value-based healthcare to the world. The completed change toward value-based care is not possible overnight, we all know that. But it requires all participants to commit, engage, and work towards the common initiative.

What are Value-based healthcare payments?

Value-based healthcare payments are not entirely about cutting costs. Cost is a crucial part but refocusing the care coordination and delivery models to fit the patient’s needs is the center focus. The focus includes improving care quality while managing costs.

Five critical aids manage value-based healthcare among one is “payments”. Value-based payment can completely transform healthcare delivery systems and address the following issues.

RELATED: The Effective Role Of Patient Portals In Value-Based Care

Problems solved by Value-based healthcare payments

1. Increasing costs

• Healthcare costs in reality are increasing at a faster pace than compensation.
• Value-based healthcare payment models can reduce cost spikes by encouraging innovation, improving access, preventing & early intervention, etc.
• Frequent updations of payment models can back up healthcare financial feasibility.

2. Disorganized care delivery

• Providers are now paid for personalized services, so care delivery is shattered across the patient’s passage till the final step. This leads to a lack of proper accountability.
• Patients should be the center focus, allowing different providers to be independent in the care journey, but still accountable for the outcomes together.
• Changing to a value-based healthcare payment model enables an integrated & comprehensive care delivery system.

3. Lack of focus on outcomes

• Healthcare payment systems these days ease payment and do not concentrate on improving patient outcomes.
• Healthcare payment model that can track and access outcomes through online platforms.
• Value-based healthcare payments center on outcomes that is more important to patients and satisfies the above-mentioned need.

4. Health inequity

• “Health inequity” is the most concentrated term in healthcare today. Social determinants of health are one of the widening elements of health inequity.
• To meet health equity, we must have outcomes equity. Monitoring & improving outcomes through value-based payment models help address health inequity.
• Value-based payment models will make equity wider and beyond the stereotypical organizational boundaries.

RELATED: How EHR Is Advancing To Support Value-Based Care

Final thoughts

Healthcare delivery is now in the initial stages of a huge change sparked by the COVID-19 pandemic. This ongoing value-based healthcare transformation will need advanced technologies to deliver value-based care. Smart cloud-based EHRs can help you with this initiative.

VozoEHR supports value-based care equipped with telehealth, alternative payment methods, and others. It delivers and protects vital health data required to care for those who are in need.

“Let’s pave way for a better health community backing value-based care”