When there’s a medical emergency that requires a hospital stay, expenses can add up quickly. Increasingly, patients are responsible for paying their own medical bills instead of insurers. Researchers at the University of Michigan, Ann Arbor studied how much insurers spent on hospital stays. Between 2009 and 2013, out-of-pocket expenses increased by 37% per hospital stay, which is a growth rate of 6.5% per year. How can you avoid expensive hospital stays?
With value-based healthcare models, you can minimize costly hospital stays. With accountable care organizations (ACOs) and value-based care, the focus is on you and your health. Many current cost models reward doctors and providers for high-traffic visits. This means that patient health takes a back seat because, if patients are healthy, then they don’t need as many doctor or hospital visits. Here are a few ways value-based care models decrease hospital stays and doctor visits to save you money:
- With value-based models, doctors are rewarded for practicing preventative medicine and decreasing the number of doctor visits. Preventative treatments take priority over short-term fixes so patients receive higher quality, long term care.
- These healthcare models also use predictive analytics to improve their preventative treatment methods and diagnoses. Predictive analytics allows medical professionals to examine patterns in a larger pool of patient data. This helps them predict how your health might progress so they can design a treatment plan customized to your specific needs.
- Part of customized care and treatment plans at the Catholic Benefits Trust includes a personal health coach. Your health coach acts as your advocate and can walk you through every step of the treatment process.
All of these strategies combine to help reduce the likelihood of medical emergencies that require a hospital stay. Instead of just lowering the costs of hospital stays, value-based care models encourage doctors, specialists, and providers to collaborate on the best way to treat patients so they don’t require a hospital stay at all. This cost-effective healthcare strategy saves you money and focuses on improving your health before small problems become medical disasters. You and your insurance provider will save money in the long-run by using less resources.
You can learn more about how the Catholic Benefit Trust works to make sure our partners save money and have improved healthcare services by contacting us!