The homecare industry is facing a crisis: caregivers are in short supply and high demand.
Value Based Purchasing (VBP) is a system that is used to improve the quality and value of health care services that a client receives. The process of Value Based Purchasing ensures that healthcare providers are held accountable for providing the best, high-value care to patients. It also acts as a payment method for providers that rewards health care providers with monetary incentives for the quality of care given and not the number of patients that are serviced. Health care facilities that participate in VBP programs are assessed in four performance areas:
- Clinical Care
- Efficiency and Cost Reduction
- Care Coordination
According to the Centers for Medicare and Medicaid Services (CMS), each performance area is weighted 25 percent, and is used to calculate the overall performance score.
By monetarily incentivizing health care facilities based on the care of quality they provide, Value Based Purchasing helps to improve overall healthcare delivery and patient delivery. The VBP system also helps facilities improve documentation and creates better accountability amongst healthcare providers. In addition, it helps eliminate healthcare errors, misdiagnosis, and unnecessary treatments. This ultimate guide will provide you with everything you need to know about Value Based Purchasing and how you can get started.
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