Value-Based Care is Shaking Up the Health Care Industry
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VALUE-BASED CARE IS SHAKING UP THE HEALTH CARE INDUSTRY
Ella Clayton
The standard for healthcare across America is changing, in dramatic ways. The days of volume-based service, otherwise known as fee-for-service care, is coming to a swift end as consumers have begun to look for healthcare based around the individual. Value-based care is becoming the new standard for health practices, changing the way medical professionals view their field. Although there are challenges shifting to a new method within the health field, it provides benefits to both the consumer and the healthcare professional.
The old standard of care, volume-based service, referred to the payment a health care provider received for their services. Health care professionals were more focused on treating a higher number of patients to receive more benefits. Their success was based on achieving high profit margins rather than based on the patient satisfaction. This also meant speeding through patients to achieve a higher number of patients treated, meaning patients weren’t seen as an individual.
The new standard of care, volume-based care, allows medical professionals to view their patients as an individual, and care less about the number of patients treated and more about the value of care provided. In this type of care medical professionals receive payment based on quality of care, and cost-reducing measures used rather than number of patients treated. The more individualized care allows health care professional to maintain higher patient volumes due to increased access to care.
This shift is widely occurring across the nation, affecting nearly all areas of the health care field. The centers of Medicare and Medicaid Services have allocated $10 billion per year for the next ten years for innovation efforts such as value-based care. Vertis Therapy proudly provides individualized care and supports the shift into the future of the medical field.