As the shift in healthcare focuses more on value-based care, many healthcare providers, patients, and manufacturers are seeing positive trends. This shift allows for less focus on paying for prescription drugs with specific costs that are not guaranteed to meet a patient’s needs. As things are progressing in the world of value-based care, here are a few points many are making about the transition that focuses on value.
Improved Quality and Cost-Effectiveness
Increased focus on value improves overall quality of healthcare, and with this comes lower costs. High quality care does not necessarily mean it’s more expensive, which is relieving for many patients. The one issue with improved quality or performance is that it can sometimes be measured too narrowly, like in the case of length of stay. For example, patients staying at a hospital for a shorter amount of time and recovering more quickly shouldn’t be discharged as soon as possible. If their ailments are not completely cured, the hospital could face high readmissions, which leads to loss of credibility. Overall, performance and quality have improved over the past five years because of the way healthcare organizations are managing populations and putting emphasis on quality.
Quality in Specialty Industries
“Value-based care is all about shifting the incentives from paying exclusively based on volume, and instead paying for value delivered. I think it makes physicians and care providers think holistically about the patient,” said Durral Gilbert, president of supply chain services at Premiere Inc. Due to many speciality therapies having higher costs, this is especially true. When there are multiple drugs on the market that claim to cure the same condition, which one is giving patients the results they want? Because of the costs of so many of these specialty drugs and services, it’s often assumed that it’s all about how much money will be required to receive specialty treatments. Having an optimized outcome will lead to lower costs for patients, employers, and caregivers.
There are many shifts happening in the world of healthcare and Catholic Benefits Trust is keeping up with everything. Our members will receive a number of benefits, such as lower fixed costs, asset protection, and valuable data. Contact us today for more information on what we provide to our members and how we could help you.