In a landscape in which consumers are routinely left with questions and feeling underserved, it’s considerably important that healthcare providers offer a heightened level of service and support in what are, very often, “life-or-death” matters. Recent data from Gallup indicates that nearly half of all Americans surveyed said they were dissatisfied with their level of healthcare, and this sense of dissatisfaction is made stronger with every substandard, anemic, or fleeting interaction with their healthcare provider. A majority of patients don’t feel as though they get enough time with their physicians, and many more don’t feel they have adequate support outside of the doctor’s office.
It’s clear that patients are clamoring for better-quality treatment and one of the answers to these pleas has been the advent of value-based care. Simply put, value-based care seeks to reduce spending while improving treatment outcomes. It ties reimbursement for treatment to the quality of care provided and rewards providers for both efficiency and effectiveness. It provides an additional layer of accountability in a landscape where patients often feel short-changed and insurance companies are demanding more and more transparency.
Nearly half of all Americans surveyed said they were dissatisfied with their level of healthcare
The percentage of healthcare dollars spent in value-based paradigms has increased from a little under 11 percent to just over 50 percent over the past five years, and this trend is poised to continue over the next few years. The trend essentially started when the Department of Health and Human Services sought to convert 30 percent of fee-for-service Medicare payments to value-based payment models by the end of 2016.
Advantages of Value-Based Care
Value-based care is gaining more and more ground in the medical landscape primarily because it offers a vast array of benefits for patients, providers, and payers alike. These benefits include but are not limited to:
Less Cost and Better-Quality Treatment – In a value-based care setting, doctors and nurses place a high premium on preventative care so there’s less of a risk of higher acute treatment costs related to severe or catastrophic illness. This generally leads to less of a need for physician engagement, which keeps long-term care costs comparatively lower.
Better Coordination of Care – Value-based healthcare environments very often provide different kinds of incentives and advanced tech-integration resources to better facilitate communication between different types of specialists. This means less time spent on delays and increased communication between patients and providers, overall, for better planning.
Increased Patient Satisfaction – There’s nothing quite like the feeling of getting what you pay for, especially in a setting in which it can be so hard to quantify it. Value-based care models place a high premium on targeted and intuitive care plans (testing, medications, procedures, etc.). Patients feel more listened to, more engaged and, pardon the pun, much more valued.
Value-based care models can also be exponentially more efficient for providers, can reduce costs for payers and insurance companies, and even leads to better overall coordinated management of patients’ health beyond their acute disease states. They provide an opportunity for more holistic intervention, and do their best treat the “whole patient”.
How GoMo Health Facilitates Value-Based Care in Various Diseases
GoMo Health has spent years working providers and hospital systems alike reduce costs, improving patient outcomes and streamline care delivery while empowering patients to manage their own disease states. When patients have more of the information that they need to independently manage their conditions, there’s ultimately less of a risk of relapse and, subsequently, less of a need for in-person provider engagement. Our programs have been demonstrated to help reduce hospital readmissions while saving payers money on needlessly costly coverage expenditures.
Learn how digital therapeutics improve value-based care
Personal Concierge can seamlessly integrate with your organization’s value-based care model.