What is Value-Based Care healthcare and its relationship with providers?
The healthcare industry that runs primarily to treat the patients and help them shake off their illnesses hasn't unfortunately remained so. The industry of healthcare has rather plainly sunk into a system to make profits rather than making value out of it. This is what has given rise to value based healthcare.
What is value in healthcare?
While talking about the value based care model, the first thing that comes to our minds is the definition of value here. Now, every business has a value proposition, which they promise their customers value when they choose to buy their products and/or services. Similarly, considering that healthcare is a business or a trade, it shall also offer the patients some value out of the whole process rather than being all about money.
Yes, revenues are important even for the medical sector because the healthcare industry also has workers working day and night for the benefit of the patients who need their income. Besides, the modern healthcare services have been specialized and complex for that matter, all of which has made healthcare expensive too as it is with all the other products and services, however, that doesn't mean that the healthcare industry shouldn't value their patients. This is what is central to value based care.
The value based healthcare model revolves around the idea of providing healthcare services to the patients, keeping them in the centre. This means that the patients in a value based healthcare practice is considered the most important and that the healthcare practice and its staff, including the physicians, nurses and everyone else would be paid according to the care they provide to the patients. Therefore, it is the patient health outcomes that are monitored well in such a system and the revenue it generates is equivalent to it. The providers in a value based care model are paid on the basis of the patient outcomes. The practices or healthcare units operating under the governance of a value based healthcare model, are required to help the patients improve their health conditions, reduce the effects and the intensity of chronic illnesses, and lead them to lead better lives based on proper evidences of the same.
Relationship between the value-based healthcare model and everyone including the providers?
The value based model of healthcare is beneficial in many ways. Such a system has been found to be beneficial for all of them who are connected to the same including the providers and everyone else. Here are all who are benefitted from a value based care model:
• Patients - The patients get all the attention along with quality healthcare. Thus, a value based healthcare practice helps the patients recover sooner from their illnesses and spend less for the same. Healthcare spending has increased by numerous times. In the US, healthcare for a person would have cost $2900 per person in 1980, which had become close to $11200 per person when last reported in 2018. Moreover, the healthcare costs have become quite unpredictable, as reported by 77% of the patients. Here, value based model of healthcare would certainly be fitting.
• Providers - Many providers are living sleepless nights for the decline of growth they are experiencing back at their practices. This is mainly due to the lack of patient satisfaction that they might experience. However, if the providers provide value to their patients, they will happily surge their patient satisfaction rates and improve credibility to see more patients and grow.
• Payers - The payers in the healthcare industry would also be delighted in case a medical unit follows a value based care model. This is because such a practice would reduce risks and strengthen cost controls.
• Suppliers - The suppliers would also be happy with a value based care model in practice. This is because in such a practice they would enjoy such a circumstance where the prices are aligned with the patient outcomes.
• Society - Value based care would also lend a benevolent hand to the society we live in too. This is because, with a value based healthcare model in practice, the society would witness reduced healthcare spending and would help in improving the overall health.
• In a value based healthcare model in practice, the most benefitted would be the patients and the providers, who are directly linked with the healthcare industry. The patients here would certainly get their due, ensuring a quality healthcare treatment that is absent on most occasions. Now, if you are wondering about the providers, then they would also be fittingly rewarded if they start valuing the value of healthcare.
Value based healthcare model is a boon for the providers!
• Following the value based healthcare model might sound like losing out on the revenues for the providers and the profits they are making, but it is far from that. Implementing a value based healthcare model might benefit the providers on numerous planes. If you are still not convinced, then hereâs how the value based care helps healthcare providers or medical practices today:
Value based care offers efficiency and patient satisfaction
Value based care is built on the belief of extending the best possible care to the patients, which includes faster appointments via smart patient appointment schedulers provided by GrowPractice, faster patient intakes and check-ins, good checkups, accurate billing, and improved follow up. All of these are ingredients that make up patient satisfaction. Therefore, in a value based healthcare practice that also aims at lifting all of them, it would certainly provide the healthcare practice with ceaseless rewards!
It boosts credibility
The patients approach a healthcare facility distressed and writhing with pain, here, as soon as they see that they are valued and are having to pay lesser costs, and in addition, the healthcare unit is also really cooperative and follows up well with the patients, then they would surely recommend others and getting such services all the time is bound to surge the credibility of a person.
It ensures proper workflow
A proper workflow is essential in an industry like that of healthcare. Many healthcare practices are not that concerned with the workflow because of the lack of interested staff and the dearth of one such system as the value based healthcare model.
It helps providers gain responsible staff
Healthcare staff is a vital asset to a clinic or practice. Healthcare workers are becoming scarcer day by day. The healthcare workers are leaving their jobs at an unimaginably fast pace after the Covid-19. It has been seen that more than 18% of the medical staff have already left the industry since the pandemic onslaught. In most of the resignations, it has been discovered that the burdening work they do, is the main reason behind the medical staff leaving their jobs. However, such pressure can be avoided by using GrowPractice's proven medical office software and solutions that will help the patients get the optimum service, as required, along with lowering the chance of burnout due to the regular medical chores and overtime. With the emergence of the digital systems, it is important that the providers also have smart, efficient and responsible employees to run them and manage the patients there. Responsible staff is the backbone of the healthcare practice, and that can be asserted once again with value based healthcare in practice.
It improves the doctor-patient relationship
Value based care promotes a good relationship with the patients. Such a healthcare model values the patients more than anything else and wants everything else to follow the patient-first attitude. A value based care also focuses on the behavior and response shown to the patients and the services offered to them. Good behavior and staying by the patients often lead to improving the doctor-patient relationship, which eventually is beneficial not only for the patients but for the practices as well.
improving the doctor-patient relationship, which eventually is beneficial not only for the patients but for the practices as well.
It enhances patient attraction and retention
Value based care helps practices or providers take appropriate care of the patients against nominal charges. Therefore, the patients are here benefitted in both ways. This, thus, is ought to improve patient attraction and retention, thereby growing the practices and its revenues. Attracting new patients and retaining the old patients are now seen due to the implementation of the cutting-edge software solutions that GrowPraction brings. GrowPractice's medical office software, and patient and practice management solution has already improved the retention rate by 48% and increased the attraction rate of the new patients by 8%.
GrowPractice enhances value based care healthcare model and enhances the overall growth of the practices!
GrowPractice is a promising medical software solution provider that is trusted all across the globe, including the US Federal Government Agencies. GrowPractice brings a unique mix of software and systems that align perfectly with each working process and rewards the practices in ways more than one. Moreover, the GrowPractice solutions also revolve around the value based care model. So, here's looking at some of the best offerings of GrowPractice:
• Fast and easy patient appointment bookings
• Efficient patient check-ins and intakes
• Streamlined patient workflows
• Accurate digital billings
• Smooth and secure collections
• Secure and HIPAA-compliant methods
• Simple and flexible payment methods
• Improved patient followups
• A smooth collection of patient surveys and reviews
All of these are but some of the services that GrowPractice offers. The trusted medical solutions provider has already checked the no-shows by 89% and has facilitated 120+ visits per provider. So, hurry up and embrace the GrowPractice solutions to grow your practice!
