Servitized : Is Medical Tourism Industry ready?

Medical practitioners in some countries typically charge patients based on their services. In this model, insurers pay healthcare providers regardless of the outcome of their services. The value-based care movement is gaining momentum.

In contrast to the performative management style that emphasizes procedures, value-based care links reimbursements to patient outcomes, incentivizing providers to place emphasis on the short- and long-term health goals of patients.

The goal of value-based care is twofold: eliminate unnecessary spending and improve patient outcomes.

In these countries healthcare system has long been based on a fee-for-service model. Fee-for-service has the drawback of rewarding procedures over results. Providers such as hospitals and other healthcare facilities bill based on the number of patients they treat, the tests they order, and the treatments they administer. Providers benefit more as their output increases

Using this model, hospitals may be encouraged to order unnecessary, expensive, and invasive tests or treatments that don't improve patient outcomes.

If a patient's problem list is extensive, preventative, less invasive, or more cost-effective procedures may be the best option. In general, fewer tests, treatments, and overnight stays are required when a patient is healthy. A shift in billing practices may be necessary to encourage healthcare providers to maintain efficient operations and high-quality care. An essential part of value-based care is this.

Providers are rewarded for their efficiency and effectiveness through the use of value-based payment models that link reimbursements to patient outcomes. As a result, healthcare providers are encouraged to emphasize prevention and education as a means of reducing post-treatment complications and hospital readmission rates, as well as improving the quality of care for patients with long-term conditions.

Providers are rewarded for doing more with less when they practice value-based care. In spite of the fact that the initial costs of implementing digital health programs may be high, these care models are cost-effective over time. As a result, patients are more likely to seek treatment when they need it because it is more affordable.

Better patient outcomes can be achieved through the exchange of data among healthcare providers and facilities. Providers of healthcare are pitted against one another in a reimbursement model. Using value-based care encourages a patient's care team to work together. Stronger and more interconnected health networks benefit patients.

Better communication and information exchange not only benefit patients but also reduce administrative costs. Payments across departments or providers can be bundled to save time and money while also promoting a more fair distribution of resources.

Providers are encouraged to do everything they can to receive positive reviews because patient satisfaction is the gauge by which successful care delivery is measured. Doctors and nurses who work in environments where patients are prioritized over procedures have a lower risk of burnout. Everyone benefits from a long-term workforce.

Controlling costs while also enhancing the quality of life are the primary aims of value-based care. However, the specifics of how it's implemented are different. Medicaid and Medicare have been the primary beneficiaries of value-based care thus far. Value-based care has lagged behind in the private sector because of these two government programs.

These two programs are most likely implemented by the Centers for Medicare and Medicaid Services (CMS).

Bundled payments, also known as episode-based payments, are a way of paying providers for a specific condition all at once. The providers (such as anesthesiologists, surgeons, and hospitals) will all profit if they work together to reduce costs.

Patients who have a patient-centered medical home (PCMH) have a single point of contact for all of their medical needs. Chronically ill patients are typically managed by their primary care physician in a PCMH, which aims to keep them out of the hospital and under managed care.

In the near future, value-based care is expected to become more widespread across the country, especially as the federal and patient demand for lower healthcare costs grows.

The medical tourism industry could benefit from value-based care, but is it feasible? Is it possible for the medical tourism industry to implement a patient outcomes-based insurance reimbursement model? Is there a financial incentive for providers to do this? Will the medical travel process suffer as a result, or can we expect the same good results for patients?