The shift from fee-for-service to value-based care is well underway, and like it or not, gaining momentum.  This shift is accompanied by many questions, a sense of uncertainty and an appetite for guidance. 

With this in mind, our team at Focus Solutions is sharing a three-part series of short articles dedicated to value-based care.  

This is the second installment with a focus on the benefits of value-based and integrated care.

The healthcare industry is shifting towards value-based care — and there are good reasons for it, such as…

  • A complicated healthcare system can feel overwhelming, confusing and frustrating for patients.
  • Population health requires integrated care.
  • Fee-for-service does not properly encourage proactive and preventative care.

But, what does it mean to be a value-based practice?

Value-based care is a team-centric model built on placing the collaborative patient and primary care provider relationship at the center of all care-related decisions. The primary care physician coordinates all elements of care while encouraging the patient to be engaged in their own health. This integrated care approach allows providers to focus squarely on helping their patients become, and stay healthy.

So, how does value-based, integrated care benefit your practice long term?

Better patient health through better focus

Value-based care is proactive, rather than reactive, in terms of injury and illness management. The model promotes taking preventative actions in response to risk factors and maintaining a healthy lifestyle. Further, physicians are encouraged to spend the necessary time with each patient to help them understand their important role in their own health.

This approach flies against traditional models.  Under fee-for-service models, providers are tasked with tedious, time-consuming logistics such as billing and insurance. Not to mention, providers are typically required to see high volumes of patients.

With incentives based on quality care and care management, your practice is better able to focus on it’s fundamental purpose – better patient health.

Enhanced practice performance and culture

Building on the point above, quality of life not only improves for patients, but for your providers and team.  Your practice’s staff are less likely to suffer from burn-out when using a value-based, integrated care method.  This is driven by a lessened emphasis on volume and higher focus on purpose.

Additionally, advanced data analytics that result from a value-based model can be leveraged to identify health risks and coordinate care. Traditional models provide a surplus of data that lacks information to generate and use such insights.

Put simply, the culture of your practice can dramatically improve by adopting value-based care.

Financial sustainability

Essentially, under value-based care, providers and practices are rewarded for keeping patients healthy and out of the hospital. This is done with health plan support. A value-based compensation model is centered on quality care leading to improved patient health.

Though a dramatic change for many practices, when implemented correctly this financial model proves to be a more sustainable strategy versus traditional fee-for-service.  Not to mention, it embraces the core value of incentivizing health over volume!

Through these benefits, a value-based, integrated healthcare model positions your practice to improve population health — one patient at a time.

It may sound cliché, but it’s true.  We’ve seen it happen!

Our Focus Solutions team is experienced at helping healthcare practices bring these benefits to reality. We are experts at navigating the questions and uncertainty of transitioning from a fee-for-service model to a value-based model – this includes balancing the patient experience with the sustainability of your practice’s financial picture.

Want to learn more?

Join us for part three of this series where we focus on how to transition to a value-based care model.

In the meantime, our Focus Solutions team is always here to help.