Quality over quantity. It’s the fundamental concept behind value-based care (VBC). Providers are paid for rendering care that improves outcomes and lowers costs. During COVID-19, VBC is critical, and in many ways, the transition couldn’t have emerged at a better time. Here are five reasons why:
Skyrocketing healthcare costs
Healthcare costs have been on the rise long before the pandemic struck, and they certainly haven’t slowed down. VBC incentivizes providers to cut costs by using lower-cost—but equally as effective—drugs and devices. Practices can work with their life science reps to learn more about the value proposition for certain medications, devices, and more. VBC also incentivizes providers to perform procedures in lower-cost settings (i.e., outpatient vs. inpatient facilities). Each of these actions will help level out the steady increase in costs over time.
Patient financial challenges
So many people continue to face financial hardship during COVID-19. VBC seeks to drive down costs and make healthcare more affordable for all patients. Practices can also address these challenges by making sure patients are connected with patient assistance programs that make medications more affordable, thus helping with medication adherence.
Access challenges
During times of social distancing, it may be difficult for patients to access their providers. Under VBC, providers are encouraged to use technologies that reduce administrative costs, such as telehealth and remote patient monitoring. During the public health emergency, Medicare and many commercial payers have lifted licensing and other restrictions, making it easier for providers to consider both as viable options. Practices can also leverage virtual meetings with life science reps to stay on top of cutting edge developments for their specialty.
Healthcare consumerism
Healthcare consumerism is all about patient empowerment—empowering patients to improve their health, compare costs, and become more active participants in a streamlined and personalized healthcare experience. This participation is a critical element of VBC during COVID-19 and beyond. Without patient engagement, VBC may be more difficult to achieve.
Big data
Big data (e.g., clinical data, claims data, outcomes data, wearable data, and more) is the foundation for VBC. This data drives efficiency and gives providers insights that can help them improve outcomes. Big data can also help public health officials track and trend COVID-19 data to see whether and how the virus is changing.
VBC plays an important role during COVID-19—a time when patients face extreme financial challenges and uncertainty about the future. This important paradigm shift in our healthcare system emphasizes outcomes and costs with the patient’s best interests in mind.
