7 Recommendations about Value-Based Healthcare

Did you know that value-based healthcare is a concept that has been around for quite some time now and is one which is being increasingly adopted in the healthcare industry? It's a way of thinking about the process of care and health you should know more about.

What is value-based healthcare?

Value-based healthcare (VBH) is a concept that has been around for quite some time now, and one which is being increasingly adopted in the healthcare industry. It is a way of thinking about the process of care and health. What is value? And how does it relate to quality of health?

Value-based health is centered around three core propositions:

• Value can be measured in financial terms and capitalized into financial accounts.
• Value can be measured in terms of quality (or outcomes), by considering patient satisfaction and satisfaction with care.
• Value can be measured in terms of access to care, by considering population size, accessibility, cost, and availability.

The first two propositions aim to align economic value with individual value, using measures like price per unit or cost per person. The third proposition aims to align social value with individual value, using measures like access to care or patient satisfaction.

The idea behind VBH is that there are three kinds of value included in healthcare: economic (allowing for price per unit), social (allowing for access to care or population size), and human (allowing for patient satisfaction or satisfaction with care).

The benefits of value-based healthcare

Value-based healthcare is the equitable, sustainable and transparent use of the available resources to achieve better outcomes and experiences for every person. Value-based healthcare is based on value, not price alone. Value is the intangible element that grows with time and experience in a relationship between value and service. The value of healthcare is based on an emotional connection between patient and physician.

It doesn’t matter if you are a pharma company or an app that helps people get a checkup at their local pharmacy: you have to be able to somehow measure the emotional connection between patient and physician because that’s all there is to the equation . If you can’t measure it, then there’s something wrong with your product! As for anything else related to your product, it has to do something: – It has to be useful – it has to make the lives of people better – it has to improve their quality of life – it has to be fair…if you don’t measure these things then you have no idea what your product is doing or how it can be improved.

And so, while I think we can all agree on some basic principles in healthcare (and I think we should!), we also need tools which help us understand how our products can actually improve patients’ lives: metrics!

We need metrics for everything, from software, from hospitals, from health plans, because all of them can only work if they are measured. And metrics are not hard to come by for those who know what they are and where they should be measured (I do!). But metrics are hard work, so there needs to be a good reason why anyone would want them in any case.

That said, I believe one of the most important things patients could do for their doctor would be to tell him or her what they think he or she should accomplish with his or her time at hand: spending money on a doctor who doesn’t really care? Paying more than necessary? Forcing someone into work when they shouldn’t be? Spending more time than necessary because somebody else was sicker than expected? You get my point.

Value-Based Healthcare: 7 Recommendations Every Healthcare Company Should Follow

1. A common terminology is needed so that patients, caregivers and other healthcare professionals can have a shared understanding of what value-based healthcare is
2. As the world becomes increasingly connected, information about healthcare disparities is shared more easily and promptly than ever. But to effectively respond to this changing environment, we must identify the source of varying values in healthcare.
3. Recognize barriers to implementing value-based healthcare at the individual, team and organisational level, understand what it takes to overcome these barriers, and learn how to incorporate value-based healthcare strategies into your practice.
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