Value-based health care is a model focused on improving health care delivery by paying providers based on patient outcomes rather than on a fee-for-service arrangement. Value-based health care prioritizes the needs and preferences of patients to improve their health, reduce the effects and incidence of chronic disease, and provide a better experience.
The transition to a value-based health care model is intended to enhance financial and clinical performance by compensating providers for value rather than volume and giving providers incentives for satisfying quality and performance benchmarks. The transition is possible and attainable, in part, due to the influx of data from electronic health record (EHR) systems and the emergence of new technology.
The Benefits of Value-Based Health Care
- Provides Personalized, Individual Patient Care: The emphasis with value-based health care is on achieving health care outcomes through personalized care, treatments, and interventions that address a patient’s needs to provide more effective and targeted holistic care.
- Improves Patient-Centered Care and Engagement: Promotes shared decision-making and informed choices by encouraging patients to actively participate in their health care decisions.
- Achieves Greater Efficiencies: While providers may need to spend more time on new, prevention-based patient services, they will spend less time on chronic disease management. In addition, the value-based model encourages collaboration among health care professionals and teams, which improves care coordination and reduces duplications and inefficiencies.
- Reduces Costs: Eliminates unnecessary tests, procedures, and interventions, thereby optimizing resource allocation and lowering overall health care expenditures.
- Encourages Enhanced Provider Performance: Incentivizes excellence in health care delivery by rewarding providers who provide high-quality care and achieve excellent patient outcomes.
- Promotes Greater Transparency: Holds health care professionals responsible for their performance, fostering transparency and continuous improvement.
- Reduces Overall Health Care Spending: As less money is spent on assisting people in managing chronic conditions and on expensive hospitalizations and medical emergencies, value-based care has the potential to considerably lower overall health care costs in the United States.
About One80 Intermediaries/Manchester Specialty
Manchester Specialty, a division of One80 Intermediaries, is a national specialty underwriting and insurance program management firm, licensed to do business as a program administrator in all 50 states and the District of Columbia. Our agent/broker partners and their Allied Health clients look to us for our expertise, broad product capability, and commitment to the market, as well as the quality and stability of our insurance programs for Home Care, Medical Staffing, Allied Health and Human Services organizations. For more information, call us toll-free at 1-855-972-9399 or visit Allied Health Firms – One80 Intermediaries.