Move to value-based care will take some adjusting
Kudos to Michael Duff, M.D., and Thomas Foels, M.D., for drawing attention in their Aug. 29 Another Voice to the health care industry’s long-overdue transition from the traditional fee-for-service medical reimbursement system to the emerging one based on value.
As they point out, the industry’s movement to value-based care has the potential to transform health care. Under the new business model, physicians and providers would be paid based on improvements in patient health outcomes, rewarding them for the quality of care they deliver rather than the quantity.
Despite spending more on health care than any country, the United States underperforms on nearly all measures of quality. Incentivizing tangible results in the practice of medicine, such as increased efficiency and reduced costs, is the much-needed solution for what ails medical reimbursement.
However, in the meantime, doctors and hospitals must figure out how they start to provide care under value-based payment. What providers are finding is that they are not technologically and organizationally prepared for the dramatic changes required to succeed in this new business environment.
Information technology, such as electronic health record systems and health care analytics, are the tools that providers will need to drive better outcomes for patients, which is the ultimate goal of value-based care. The ability to capture, organize and share data is fundamental to success in the post fee-for-service world.
But, a recent survey conducted by the Healthcare Information and Management Systems Society revealed that only 3 percent of respondents believe their organization is highly prepared to make the pay-for-value transition.