As more hospitals officially transition to the value-based care (VBC) model, health leaders are seeking strategies to help their hospital maintain optimal outcomes long-term. A recent report details the importance of understanding VBC, future predictions and how your hospital can prepare.1
The future of value-based care
The pandemic shed even more light on the importance of the VBC model as more patient were admitting with more severe chronic conditions on top of their COVID-19 diagnosis. Integrating high-quality care can help these patients recover more quickly, avoid rehospitalizations and reduce costs.
A healthcare executive noted in a recent interview with Managed Healthcare Executive, “I continue to see commitment on the journey toward value, and a recognition that we've learned a lot over the years that CMS and CMMI have been supporting [value-based care] models. I think they're just going to continue to refine and make them better and easier for provider groups to participate.”2
How your hospital can successfully integrate and perform under the VBC model
Five key priorities:
- Analytics: Having access to the latest data and resources it critical when it comes to segmenting patient risk levels – especially as VBC presents new risk opportunities. “If there is a place where an executive should over invest their resources, this is it,” states the report.
- Evolving care models: Varying patient risk requires varying care models. Having a care model that can easily fluctuate with patient needs, especially with the growing medically complex patient population, it vital for hospital success under VBC.
- Telehealth utilization: Having access to best-in-class telehealth solutions as well as other innovative tools will not only help patients maintain optimal outcomes long-term, but will help your hospital stand out against competitors who don’t meet the technology standards of care.
- Behavioral health integration: Research continues demonstrate the overarching benefit behavioral healthcare has on both physical and mental illnesses. Adding or expanding your hospital's behavioral health offering will further enhance a patient’s care by addressing multiple health factors in one care episode. This can ultimately lead to reduced readmission risk and patient costs – two vital factors under VBC.
- Understanding social determinants of health: “Addressing health equity is one of the most impactful population health initiatives you can take,” states the report. Prioritizing social determinants of health can help a hospital better understand the specific needs of their community and can therefore provide care that reflects those needs.
Contact us today to learn how we can help your hospital prepare for and successfully perform under the value-based care model.
- Kuzmanovich, D. (2022, March). Back to basics on VBC. Advisory Board. Retrieved March 31, 2022, from https://www.advisory.com/blog/2022/03/vbc-back-to-basics
- Contreras, B. (2021, August 9). The future of value-based care and contracts. Managed Healthcare Executive. Retrieved March 31, 2022, from https://www.managedhealthcareexecutive.com/view/the-future-of-value-based-care-and-contracts-according-to-summit-health-s-jamie-reedy-md-and-ashish-d-parikh-md