As
technology is evolving, we as human beings are becoming prone to
multiple health hazards. People are investing millions of their
hard-earned money in the healthcare industry. Even medical
practitioners and hospitals have started focusing on implementing
Value-based healthcare practices to reduce the overall health costs
without jeopardising their patient’s health.
However,
you might ponder, what is exactly Value-based healthcare and how can
it impact the medical industry on a global scale? The following
blog post will help you majorly understand the following concepts in
detail:
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What is meant by the term Value-based Care?
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How its Absence can take a toll on Patient outcomes and Management costing?
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Major benefits of Value-based Care
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How Right Analytics can Positively Impact Value-based Healthcare
So,
without wasting much time, let’s begin with our first segment.
What is Value-based Care?
Value-based
care is merely a healthcare delivery model that operates on how
patients are treated by hospitals and physicians. As a part of the
fee-for-value model, the hospitals and physicians are paid based on
patient health outcomes. They must help out the patients to sustain
an injury, its aftereffects and encourage them to live a healthier
life.
Additionally,
in this model, the ‘value’ is determined by measuring health
outcomes against the cost of delivering those outcomes.
How the Absence of Value-based Care Impacts Patient Outcomes & Management Costing?
Without
a properly designed fee-for-value model, patients risk their lives in
terms of quality care, mental satisfaction, and health outcomes
wherein they deserve better health status and value. The patients are
charged a hefty amount in the name of doctor’s appointments,
consultation, tests, and treatments, regardless of clinical outcome
which further aggravates the issue.
Read
more on How
Value Based Healthcare Transforming Healthcare
