THE HEALTHCARE INDUSTRY IS EXPERIENCING A TRANSITION FROM VOLUME TO VALUE: UNRAVELING THE FACTS!

 The last few years have witnessed a significant change in consumer behavior. As a result, the healthcare industry is becoming more patient-centric as opposed to the traditional provider-focused model. And this is primarily the driving transformation and technological upgrades in the healthcare industry. 

The industry is constantly expanding its reach and working on resolving current and future trends. For instance, better patient diagnosis and interpretation of data, the use of technology-enabled digital touchpoints to improve administrative efficiencies are some of the ways the industry is bringing in the concept of comfort and ease to enhance patient experiences. 

But, what is a value-based care model? This article will help you understand every facet of value-based models and how it is helping the healthcare industry survive amidst the pandemic. 

Let's begin!

READ MORE :- https://www.pukkapartners.com/insight/the-healthcare-industry-is-experiencing-a-transition-from-volume-to-value-unraveling-the-facts

Drivers That's Propelling The Industry towards Value-based Healthcare Model

As we mentioned earlier, the healthcare industry faces some prominent challenges and trends that are triggering significant disruptions. But what's precisely driving the changes? Keep reading, and you'll find out!

  • The increasing population size is increasing and is expected to rise at approximately 2 to 6.5% between 2020 and 2025. So, it's challenging to secure sustainable access to resources. And a value-based care model will help meet the demands of the aging population. 
  • The need for better management of chronic conditions is propelling the shift towards preventive measures, health management, and lifestyle modifications. This requires the availability of value-based care along with the patient's dedication towards their health.
  • There must be a shift to integrate models that improve care coordination across all digital touchpoints. This will help the healthcare providers to reduce wastage and improve treatment outcomes. 
  • There is a higher demand for personalized care and experiences. Consumers are taking control of their health. So, they are demanding information to make better decisions. 

Many surveys project an increase in healthcare expenditure to around $104 billion by 2022. This is why there is a need for a critical change in the care model to provide cost-effective plans. 

In fact, some even suggest that with so much restructuring happening around, there is a higher chance that the healthcare industry will move towards an accountable care or health maintenance organizations model.

What's more?

Healthcare organizations are now innovating in different ways as a part of their value-based care model. 

  • Shared savings: In this, the organization gets paid using the conventional FFS model. But the outcome is measured by comparing it with a target. If the healthcare provider spends lower than it, they share the difference as a bonus.
  • Bundles: Instead of paying separately to the hospital or for services, the payer settles in for a bundled payment for all services related to their specific condition, stay at a hospital, or more. 
  • Shared risk: When spending more than the target, the healthcare organization must repay the difference as a penalty. 
  • Global capitation: In this model, the organization gets per-person or per-month payments that will be used to pay for the care, regardless of what services they use. 
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