Understanding Value-Based Healthcare
The term “value-based healthcare” seems to be thrown around a lot lately in the healthcare industry, but what is it and why does it matter?
Value-based healthcare takes the phrase “quality over quantity” and puts it into action. It’s essentially a new healthcare delivery model in which physicians, hospitals and healthcare providers are paid based on patient health outcomes rather than the number of patients they care for. Ultimately, it’s a new way of delivering healthcare which incentivizes healthcare providers to take a preventative stance with each patient, rather than a reactive one.
This new healthcare model is undoubtedly changing the way physicians and healthcare providers care for their patients. It’s beneficial because when healthcare providers focus on preventing illness in their patients, this typically results in fewer office visits, lower costs for services and healthier patients. As technology continues to advance, there are new devices like the TracPatch Surface Sensor Technology, which make value-based healthcare even easier. The TracPatch two-piece device attaches to a patient’s leg, above and below the knee, after a total knee replacement surgery and continuously collects activity data including range of motion (ROM), exercise compliance, wound site temperature trends, and ambulation. Once the data is collected the devices send the information to the TracPatch patient app and on to the TracPatch cloud. The healthcare provider then opens their healthcare provider app to review, track patient progress, and help ensure the patient is on track. The technology enables value-based care because it gives the surgeon the opportunity to individualize patient care plans, evaluate patient data remotely, and make health recommendations at the press of a button.
Value-based care has a few additional benefits:
Reduces Costs
One of the greatest benefits of value-based healthcare is its ability to reduce costs. According to the Cleveland Clinic, “with the concept of value-based care, doctors and hospitals get paid based on outcomes, not on numbers of procedures done, patients seen, or how much they are charged. Rather than charging a patient for each individual test or service, payments are bundled – especially useful in more complex cases like joint replacements. The ideal result is fewer readmissions and less frequent hospitalizations and trips to the emergency room. ”1 Additionally, new technology like TracPatch is helping eliminate unnecessary administrative procedures by using data to evaluate and alter patient care plans to be more effective.
Promotes Health Habits
With value-based healthcare, healthcare providers become invested in the outcomes of each patient. When a healthcare provider is invested in the outcomes of each patient, they are more likely to pay greater attention to the patient’s lifestyle in order to hold them accountable and make recommendations for improving their health. Technology like TracPatch helps as it allows healthcare providers to track activity motion of a total knee patient during recovery and evaluate how they’re doing in the healing process. The Surface Sensor Technology makes it even easier for surgeons to evaluate the data and send a quick note to a patient to stick to the recovery plan. In turn, patients are focusing on their health habits more and are more motivated to get back into motion.
Increases Patient Satisfaction
Patient satisfaction is an important benchmark that healthcare organizations utilize to measure overall performance. Value-based care encourages healthcare providers to focus on long-term health solutions rather than short-term fixes for each patient. With this model, patients are seeing better outcomes, making fewer appointments with their doctors and ultimately leading healthier lives.
The way we care for one another and ourselves is evolving. With the help of new technology, healthcare is changing to be patient-centric and foster positive patient outcomes. Healthcare providers are more focused than ever on preventing illness and trying to eliminate unnecessary hospital readmissions. The TracPatch Surface Sensor Technology fosters value-based care by allowing unfettered access to clinical, wellness, and reporting analytics, providing objective data for informed patient care. TracPatch also helps to increase healthcare provider productivity and facilitates communication. New technology like TracPatch and healthcare models like value-based care are changing the industry in its entirety. For more information about TracPatch contact us today and follow TracPatch on LinkedIn, Facebook and Twitter.
References
- Value-Based Care & Lower Costs. Retrieved July 10, 2019, from https://my.clevelandclinic.org/health/articles/15938-value-based-care
