Health providers across the country are reconsidering their pay structures and asking whether value based care is right for them. The value based care model provides value not only for patients but also for providers.
When patients choose a value based health care provider, they can reduce health care costs by up to 11%, according to this study by the New England Journal of Medicine. Read this blog to learn how it can reduce costs for health providers, too.
What is value based care?
Value based care focuses on providing patient-centered care in which the provider is compensated, not for the services provided, but for the health outcomes. This saves both time and money for patients and providers.
Disease prevention
Value based care emphasizes a healthier lifestyle that prevents diseases or manages chronic conditions, like heart disease and type 2 diabetes. This might include regular exercise, a healthier diet or medication. Prioritizing healthy living saves patients money and saves providers from losing patients who might otherwise be required to see a specialist to manage much larger health concerns.
Improved care coordination
One of the benefits of choosing value based care is that providers have the safety net of coordinated care. When doctors from multiple disciplines come together to discuss their patient’s health, they can lend their perspectives to help support the patient’s health. This is especially beneficial for providers of patients who have complex health histories and helps to reduce redundancies and minimize health risks.
Improved patient satisfaction
With the value based health care model, providers see fewer patients and spend more time with them, talking about their symptoms, their lifestyles and possible solutions to their health concerns. This is a key component that increases patient satisfaction, making them 28% less likely to change providers. This continuity of care reduces the inefficiency that happens when patients visit multiple primary care providers, saving both patients and providers in the long run.
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