In recent years, there has been a shift away from traditional fee-for-service models of home care toward value-based care. This approach focuses on quality and outcomes rather than the number of services provided. Research shows that value-based care offers better care and improves patient satisfaction and health outcomes. The center of value based care is improving healthcare quality and preventing problems before they start. This lowers the risk of needing costly medical tests and unnecessary procedures. Wellness and prevention methods are also emphasized greatly in value based care. Promoting quitting smoking, dietary and lifestyle changes, and proper exercise reduces the need for expensive procedures and medications.
This blog will discuss value based care and the impact it is having on the home care industry. Keep reading to see what a value based care model could do for your organization.
What is Value Based Care?
Value-based care is a healthcare delivery model in which providers get paid for the quality of care rather than the quantity of care. In this model, providers work to keep patients healthy and manage chronic conditions effectively rather than simply providing more services. For example, rather than being paid for each office visit, a provider in a value-based care model would be paid based on how well they manage diabetes in their patients.
In a value based care model, providers such as hospitals and doctors are paid based on patient outcomes and not a typical fee for service model. This means that the providers are paid based on making sure their patients feel better and not just based on doing procedures and tests. So, if patients stay healthy it ultimately cuts costs for everyone.
What are the benefits of value based care?
Under the fee-for-service model, providers are reimbursed for each service they perform, regardless of the outcome. Value-based care, on the other hand, reimburses providers based on the quality of care they deliver.
This model has several advantages:
- It helps ensure that providers are focused on delivering high-quality care.
- It gives providers an incentive to work together to coordinate care and avoid duplication of services.
- It helps control costs by paying providers for results rather than services.
Value based care ultimately results in less spending for providers and patients. It helps patients manage their conditions or in some cases, avoid them altogether. The overall quality of healthcare improves due to the focus being on the value instead of the dollar amount of tests and procedures. In general, value based care programs have a positive effect on patient satisfaction with their doctors.
What are the benefits for patients as well as the home care agency?
The shift to value-based care can improve outcomes for patients while also reducing costs for home care agencies. One of the critical benefits of value-based care is that it incentivizes providers to focus on coordinating care and keeping patients healthy rather than simply providing more services. This can lead to better communication between providers and patients and improved continuity of care.
In addition, by aligning reimbursement with outcomes, value-based care can help ensure that home care services are delivered to maximize positive results for patients. Ultimately, this approach can improve the quality of care for patients while also making home care agencies more efficient and cost-effective.
Why is it important to have value based care in place?
By ensuring that patients receive the most effective treatments possible, value-based care can help to reduce complications and improve health. Additionally, value-based care can help to lower healthcare costs and reduce unnecessary spending. Healthcare providers are more incentivized to focus on the treatment methods to help patients recover quickly instead of other things. In this healthcare model, patients typically will have fewer doctor’s office visits and medical treatments. Finally, value-based care can help to ensure that everyone has access to quality healthcare.
How to create a culture of value based care
A culture of value-based care starts with a basic understanding of what value-based care is and why it matters. The shift to a value based care model means that practitioners have to concentrate on what is the best way to treat the patient and make them feel better, instead of what treatment option is the costliest. In addition, under this model the providers get financial rewards for the quality of care being increased. So, emphasizing that is an important step in creating a culture of value based care because the incentive is there for providers to adopt it.
The Importance of Caregiver Education
Caregiver education is a critical piece of the puzzle. Teaching caregivers about the importance of value-based care can help ensure that they’re making decisions that align with the organization’s goals. Value based care models encourage a team approach to patient care. This means that primary and specialty doctors all have to work together for the patient’s best care. Ensuring that all caregivers have the knowledge needed around value based care will help everyone work as a team and be on the same page.
In addition, caregiver education can help create a common language, knowledge, and understanding of crucial concepts among all care team members. This can make it easier to identify areas where care needs to be improved and create new programs that will positively impact both patient outcomes and costs.
How showd.me can help
The transition to value-based care is happening nationwide, but many caregivers are still unsure of what this means for them and their patients.
It can be hard to keep up with all the changes in healthcare, especially when compliance requests seem to be coming at you faster than ever before.
While on-the-job training is important, it’s not always possible for caregivers to learn everything while also looking after patients.
showd.me is here to help. We offer on-demand training courses on value-based care tailored specifically for caregivers. With our help, they’ll be able to develop the skills they need to succeed, and your organization will have no problem meeting compliance standards.
Ready to improve value-based care and compliance training in your organization? Request a demo.