Value-Based Care

Why you should care about Value-Based Care.

‍If you’ve ever felt like our healthcare system is letting you down, you’re not alone. 

Looking at where we are as a nation, paints a troubling picture. According to the Commonwealth Fund, despite Health care spending, both per person and as a share of GDP, being far higher than any other high-income country,  the US has: 
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The highest rates of infant and preventable deaths
6/10 of our citizens are chronically ill with high blood pressure, diabetes, or mental illness. 4 out of these 10, suffering with two or more. 

And to add insult to injury, if you are a Person of Color and/or from a low-income household in America, you’re more likely to experience adverse health outcomes than anyone else. This sharp contrast between the investment made and the outcomes received in US healthcare defies logic. If we spend more than twice most developed nations each year, why on earth are we ranking bottom in performance, access, equity, and healthcare outcomes? And if, in the modern world, what a country spends on healthcare doesn’t equal a healthier population, what does? 

‍Value-Based Care (VBC)
‍The answer to this question is being resolved through new ways of thinking about (and doing) healthcare. It’s also why you should care about Value-Based Care. Value-based care or VBC is a patient-centered approach focused on improving the health outcomes that matter most across a patient's full cycle of care.While in outdated systems of healthcare, doctors are rewarded for volume, VBC rewards doctors for helping patients get better. Simply put, as a healthcare professional, you’re no longer paid by how many patients you treat (regardless of outcome), you’re rewarded by how well you care for patients (measured by outcome) instead. This healthcare approach is focused on quality, provider performance, and the patient experience. Theoretically, it stands to revolutionize the way we approach healthcare.

Practical Application
‍But before we get lost in theory, here’s a snapshot of how VBC doesn't just talk the talk.  

‍Maria
‍Meet Maria. Maria is 57 years old, diabetic, and regularly feeling unwell. Maria goes to a healthcare facility that follows a Value-Based Care program. Before she arrives at her appointment, patient information has already been shared among the healthcare professionals assigned to her needs. The main focus of these professionals is on prevention, not prescription. No more “take your pills and go.” Instead, they’ve committed to a criteria of quality metrics and outcomes that mean they will manage Maria’s diabetes carefully, and be mindful of her satisfaction as a patient. Financial incentives for them are now tied to the quality of her care as an individual. Exceptional service and exceeding quality of care standards will result in bonuses. Taking care of Maria and ensuring that she doesn't suffer unnecessary hospitalizations or emergency room visits will also mean lower costs for the hospital. All in all, helping Maria achieve sustainable levels of health, helps the bottom line. And now, for the cherry on top -  if the VBC hospital successfully improves Maria’s outcomes and reduces costs below a predetermined benchmark, it shares in the savings achieved. The faster Maria is back to her best, the better for everyone involved. Does this look like a better healthcare experience for you, your family, and your friends? If it does, you appreciate the beauty of the alignment between improving patient outcomes and reducing healthcare costs. It’s also why you should care about Value-Based Care.