Overview of Value-Based Care
Value-based care changes the focus from quantity to quality healthcare and rewards providers for doing so. Through this type of care, the providers are compensated based on the health outcomes of their patients. This can be checked through their patients living healthier lives, reducing chronic diseases, and achieving healthy outcomes for patients. The main goals for value-based care are lower costs, better health, and better care.
What was used before value-based care?
Prior to value-based care, a fee-for-service model was used. This means that each appointment, test, procedure, etc. was billed for and the provider was paid accordingly. After ACA was passed in 2010, the healthcare system experienced a shift where value-based care was accepted and every practice has been transitioning to this type of billing.
How am I reimbursed for value-based care?
There are a variety of ways to be reimbursed for value-based care. Reimbursements are offered based on the performance and quality of care that a provider offers. The most important metrics for this are efficiency, effectiveness, patient focus, safety, and timeliness.
Why is value-based care important?
Value-based care was an important change because previously physicians were paid based on the quantity of services that they provided, where now, they are rewarded for quality care instead. This allows providers to be compensated fairly, while patients are also receiving the best care possible.
Additionally, health care costs are able to go down, as now unnecessary spending is eliminated. It is not true that those who spend the most money are receiving the best care. Value-based care eliminates this unnecessary spending and allows for patients to receive the best care.
What are the problems with value-based care?
While value-based care is beneficial for providers and patients, it may be difficult to navigate. The first problem is that your practice may not have the support to do this correctly. Programs are known to differ through the variety of payers, as they each require their own metrics, models, and documentation requirements. If you are having trouble navigating value-based care, call The Bienville Group today. We are experts in value-based care and will help your practice navigate this type of payment. Give us a call today to begin your transition to value-based care.