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Value-based care is a new way to pay providers. Providers are paid based on quality of care. This type of care is different from a traditional fee-for-service method. Providers are compensated based on their ability to help your employees get and stay healthy.
To curb rising healthcare costs, the industry has shifted to more sustainable payment models. These models incentivize providers to deliver high-quality care at lower costs. Value-based care compensates providers based on the quality of care they deliver rather than the quantity of services they provide. This drives more preventive care and a focus on wellness. Over time, healthcare becomes more affordable.
Value-based care goes beyond reactive care. It focuses on preventive care to keep your employees healthy. Providers help your employees with chronic conditions manage their health. Employees receive the right care at the right time and place. This improves outcomes and healthcare experience. Your company benefits from lower total healthcare costs and healthier employees. This leads to more satisfied employees and increased productivity.
Patient-centered care is the result of value-based care. When doctors provide quality-based care, the needs and best interests of the patient come first. Value-based care is also described as “population health” and “accountable care.”
Value-based care encourages collaboration between doctors, hospitals, and specialists. A patient’s care is better coordinated this way. Employees get healthier faster and stay healthy longer. It all adds up to lower costs over time. Benefit design that steers employees to value-based care providers results in deeper savings. Blue Cross Blue Shield (BCBS) is seeing measurable improvements in quality and cost. In fact, value-based care providers in the BCBS network have decreased overall cost trend by more than 35 percent since 2015 compared to non-value-based care providers.1
1TC Evaluation 4.0 National Aggregate Results, February 2019.
Your employees benefit from better coordinated care that improves outcomes. Patients develop a better relationship with their primary care physician and oftentimes take a more proactive role in their health.
Data plays an important role in value-based care. Sharing data and analytics with providers leads to more coordinated care for your employees. Providers identify gaps in care, monitor patient health, and better manage chronic conditions. Value-based care also provides patients with more access to their own health data.
There are many ways to examine the success of value-based care. Value-based care creates stronger relationships between your employees and their doctors. This leads to better coordinated care. Value-based care focuses on prevention and wellness. Patients may have fewer needless treatments, hospital and emergency room visits. Employees and their doctors can better manage chronic conditions. Expect these enhancements to:
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