How does value-based care aim to reduce healthcare costs, and what are strategies that can help?
In contrast to the traditional fee-for-service model of healthcare, value-based care can help lower costs by improving efficiency and prioritizing the quality over the quantity of healthcare services. There are several ways that healthcare providers can help both themselves and their patients realize the full benefits of a value-based approach to healthcare.
Because value-based care emphasizes health outcomes rather than rewarding providers for delivering a large quantity of services, preventive care plays a critical role in making this model work effectively. It is critical for providers to encourage patients to get regular check-ups and essential screenings as needed, in order to minimize the likelihood of a serious medical condition going undiagnosed for an extended period. Vaccinations and lifestyle interventions – such as urging patients to maintain a healthy diet and exercise routine – are also important aspects of preventive care that can ultimately reduce healthcare costs significantly.
In addition, care coordination is an important way for healthcare providers to keep costs down within a value-based model. By taking a patient-centered approach and facilitating effective communication and collaboration among various professionals, a healthcare organization can help ensure that a patient’s medical, lifestyle, and psychological needs are addressed comprehensively – without resulting in duplicate services. This also helps ensure that the healthcare is not delivered in a fragmented way, thus improving patient experience and potentially preventing medical errors.
Healthcare providers can also help maximize their efficiency and keep costs down by utilizing data effectively. By using information sources including patients’ electronic health records (EHRs) to make data-driven decisions, they can help improve their decision-making processes. In addition to improving patient outcomes, this use of data can help prevent the recommendation of unnecessary medical tests and procedures.
