A new report from innovation consultancy PA Consulting examines the de rigueur healthcare approach, and how the industry can get the ball rolling.
Healthcare systems are under increasing pressure as populations grow and age, and more people deal with chronic conditions. The traditional fee-for-service model, which incentives volume of treatment over the “right” treatment, seems increasingly unsustainable. Value-based care, which links processes, structures, and reimbursement to patient outcomes, is widely viewed as a better and more sustainable healthcare model going forward.
Developed in 2006 by noted US academics Michael Porter and Elizabeth Teisberg, value-based care rebuilds healthcare systems around giving patients a better quality of life. The approach prioritizes the quality of treatment over quantity, avoiding duplication and waste, and delivering more for less.
Value-based care has already wooed policymakers struggling with escalating healthcare costs. The NHS’ Five Year Forward View stresses measuring patient outcomes and improving preventative measures – both key parts of value-based care. The US Department of Health and Human services, meanwhile, set a goal of tying 50% of Medicare benefits to value-based payment models by 2018.
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