Value-based care models encourage a shift toward preventative healthcare services focusing on long-term health outcomes. This approach decreases costly chronic conditions that require frequent treatment and improves overall patient satisfaction.
Specialized software with risk adjustment coding can search the medical record and identify disease suspects to support accurate, fair value-based CMS reimbursements. These solutions provide patients modern engagement tools like text communication, telehealth, and online appointment scheduling.
Improved Patient Experience
Value-based care requires healthcare providers to think differently about delivering healthcare services to patients. It rewards physicians for delving deeper into underlying health issues rather than running multiple tests for every patient visit. This helps provide a better healthcare experience for patients because they receive personalized treatment that addresses their specific needs.
Implementing the right technology tools is critical to smoothly transitioning to value-based healthcare. Using integrated digital systems helps patients understand their whole health, address their healthcare needs between visits, and make more proactive decisions with the help of a care team. These tools can also connect with patients across various communication channels to engage them and assess their social determinants of health.
Implementing these healthcare solutions can be challenging for small clinics. They may need to invest in new technologies, hire additional staff, and bear financial risk. In addition, collecting and managing data about patient outcomes and quality of care can be overwhelming for small practices. A consolidated data platform can simplify these processes and reduce the burden on small clinics.
Improved Patient Engagement
Patient engagement has been a growing priority for healthcare organizations. It is one of the best ways to improve health outcomes and patient satisfaction. It also helps to reduce costs and increase revenue.
Patients want to be active partners in their care. They no longer wish to be treated like a number and are beginning to weigh their healthcare options like they weigh car purchases or retirement plans. This shift to value-based care is an excellent opportunity for healthcare providers to build trusted relationships with patients and empower them to make their own decisions about their health.
A patient-centered approach to care also results in better clinical outcomes and greater efficiency for healthcare providers. For example, it eliminates the need for billing staff and allows for faster claims reimbursement. Additionally, it will enable healthcare providers to collaborate with other health professionals on interdisciplinary teams to identify potential risk factors and provide preventative services. This can result in significant savings for both the provider and the payer. Health systems can implement strategies to boost patient engagement, including value-based care models such as accountable care organizations, bundled payments, and patient-centered medical homes.
Improved Patient Health Outcomes
The goal of value based care software is to improve health outcomes relative to cost. Better patient outcomes mean fewer emergency room trips, less hospital time, and reduced co-morbidities that cause the need for continual healthcare. This results in lower overall spending for patients, payers, and providers.
Under the current fee-for-service model, physicians and hospitals are paid for each service they deliver. However, providing more services doesn’t necessarily lead to improved health outcomes or a lower cost. Value-based models and bundled payments incentivize providers to focus on improving their patients’ health outcomes by aligning their reimbursement with quality of care.
This also helps to reduce physician burnout by allowing them to work more efficiently with the support of technology that streamlines workflows. This is possible with specialized software that utilizes artificial intelligence to optimize HCC coding and enable clinicians to impact health outcomes positively. It also allows them to use multiple communication channels with their patients – from email and text to video and app messaging.
Improved Patient Care
A significant challenge in healthcare is the misaligned incentives inherent in the fee-for-service model. Under this model, physicians are paid for each service they perform or manage, incentivizing providers to order more tests and services and treat more patients. However, these actions often don’t improve patient health outcomes or decrease costs. Value-based care programs address this issue by incentivizing healthcare providers to focus on quality, not quantity.
Specialized software for value-based care allows healthcare organizations to better coordinate patient outcomes by focusing on patients with similar needs. In turn, this helps improve critical population health metrics like readmissions and spending on unnecessary healthcare services.
In addition, implementing a value-based care program will increase overall patient satisfaction. By putting the patient at the center of their treatment plans, these programs create a lasting doctor-patient relationship that results in greater patient engagement and better health outcomes.
In the current fee-for-service model, physicians are paid based on the number of services they provide (more tests and procedures performed = more dollars in billings). This incentivizes healthcare organizations to serve as many costly, high-tech tests and procedures as possible.
In contrast, the value-based care model puts patient outcomes first, allowing providers to focus on providing quality treatment that yields optimal results.
A proactive approach to care can result in higher engagement rates, improved health outcomes, and fewer patient costs. These factors can translate into more significant savings for payers as well.
A care management software system supporting the value-based model can increase efficiency and profitability. It can help you centralize all your tools in one place, engage your patients through multiple communication channels (email, text, phone, app messaging), and measure and report on crucial healthcare metrics, including social determinants of health, patient satisfaction, and more. These tools can also reduce your administrative burden, so you can spend more time on your primary goal: improving health outcomes and helping your patients thrive.