The previous era of healthcare was based on the fee-for-service delivery model. Healthcare providers were paid based on the number of patients that visited their practice each day, including the number of tests, procedures, and prescriptions they ordered.
Today’s healthcare landscape is rapidly shifting towards value-based care agreements. Medical providers are now paid based on the quality care their patients are receiving – that is:
If their health is improving.
The instances of chronic illness are decreasing.Their overall quality of life is increasing.
Today, the quantity of patients and services is no longer as important as the quality of care each patient receives. What are the advantages of switching to a value-based healthcare model? Let’s take a look.
1. Patients Spend Less Money Overall
The biggest advantage for patients under value-based care is they spend less money overall on:- Doctor visits
- Tests and lab work
- Unnecessary procedures
- Long-term prescriptions
Because of their focus on quality care from fewer visits, these doctors tend to rely on evidence-based medicine and solutions to improve overall health, instead of long-term prescriptions that simply mask their patients’ symptoms.
2. Provider-Patient Relationships Are Stronger
Since their doctors are more interested in their general well-being instead of feeling like just another 15-minute time slot in the appointment book, patients are more inclined to trust their doctors and work diligently with them to improve their health.Because of a mandatory move toward electronic medical record (EMR) systems through Stage 3 of Meaningful Use, practices are integrating their EMR systems with online patient portals.
Patients can connect with their doctors at the click of a mouse and get questions answered quickly without having to set up yet another doctor’s visit.
3. Providers Aim to Improve Efficiencies Within Their Practice
Providers under value-based care agreements are required to provide evidence regarding their patients’ improved overall health and chronic illness management.Also, to provide quality care, these practices must improve their overall front- and back-office processes to:
- Increase patient satisfaction
- Increase revenue potential
- Minimize delays in care
Doctors want to focus on providing quality care for their patients and do not want to get bogged down with compiling evidence for insurance companies.
As a result, these practices would greatly benefit from an EMR system with reporting capabilities that can provide patient, billing, and process workflow data instantly.
How Can MedEffect Help Your Practice Transition to Value-Based Care?
MedEffect Strategies has a suite of cloud-based solutions devoted to practice management. Our solution has robust business intelligence reporting capabilities that can be completely customized for your specific needs.For more information on our practice management solutions or to schedule a third-party audit of your front- and back-office processes, contact us today! Let us take care of your business so you can get back to taking care of your patients.