What is value-based healthcare?
Value-based health care (VBHC) is a framework for restructuring health care systems with the overarching goal of delivering real value for patients. Porter and Teisberg introduced it in ‘Redefining Health Care’ and worked it out in ‘What is value in healthcare?‘
Central to VBHC is the notion of ‘patient value’, which is defined as patient health outcomes achieved relative to the amount of money spent to achieve those outcomes. The core goal of VBHC is maximizing the value to the patient and reducing healthcare costs where possible.
Why address value-based healthcare?
One thing all healthcare stakeholders agree on is that our global health systems are getting out of hand. The ageing population and increasing incidence of chronic disease, innovative technologies and new powerful drugs, have led to an unsustainable cost explosion. There is substantial variation in terms of process and outcomes between care providers. No surprise the pressure is mounting to redefine health care!
How to implement value-based healthcare?
Meanwhile numerous initiatives show that VBHC works! A focus on patient value helps to create high value care delivery systems. VBHC implementation is however complex and requires system-wide changes, with clear outcome measures, open data standards, and value-based reimbursement models as top priorities.
Care IQ is driving several value-based care initiatives on local, regional and national scale, e.g. hospital at home, and better in – better out, and can help your organization with the transition to value-based health care.
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