The term “value-based care” has become synonymous with change in healthcare in recent years. While the idea behind the model has long roots in American healthcare, the iterations we now see have complex evolutions and require adaptive responses from all levels of the healthcare industry. Decades of history and recent events helped shape the landscape for the shared risk and savings payment models today.
Value-Based Care (VBC): A healthcare payment model where providers are reimbursed based on their patient’s health outcomes, instead of the traditional Fee-For-Service (FFS) model where providers are reimbursed based on quantity. Simply put, the goal of value-based care is to improve patient outcomes and reduce the overall cost of delivering care.
Shifting to Value-Based Care
The healthcare industry is undergoing systemic changes driven by an explosion of healthcare data, artificial intelligence (AI), natural language processing (NLP) and automation. Value-based care has evolved into its own landscape fueled by data and analytics. Organizations are encouraged to collect, analyze and track patient data; identify gaps in care; and find improvements in care delivery. At its core, value-based care is most effective when data shapes informed decisions.
The current evolution in this space will prove a defining moment in healthcare history, and healthcare organizations must rise to the challenge. TeamHealth embraces the disruptions of traditional clinical and business models. Each day, our teams are rethinking what is possible. Our long-standing history in hospital-based care means we have pre-built solutions and resources to evolve alongside the industry – responding to necessary growth and headwinds alike. Our teams have the partnerships and expertise to gather data and build programs that align with the needs of our partners and patients. We have the clinical and operational expertise to raise standards and implement the necessary culture shift as we collectively move toward a fee-for-value environment.
Download the full white paper below to learn more about the evolution of value-based care. To learn more and connect with our team, please reach out to us.