In today’s health-care environment, an increasing number of independent practices are shifting toward value-based care. Value-based care is a healthcare model in which physicians are paid for the quality of care they provide, as opposed to the traditional model of care in which physicians are paid only for their services.
What exactly is Value Based Care?
One model in which care providers, such as hospitals and doctors, are paid rely on the care they provide is the value-based care model.
· Physicians are rewarded under the value-based care model for providing quality care to patients, improving patient health outcomes, reducing the consequences and incidence of chronic disease, and living healthier lives in an evidence-based manner. Value-based reimbursement by adopting practice management software helps for finding ways to improve your patients’ health rather than providing an expensive list of services to patients who may be unable to afford them.
· The ultimate impact of this care model on healthcare organizations is that they take a step back and consider what will help their patients achieve their health goals more effectively and quickly. This allows the patient to achieve better results more quickly with best electronic health records software.
· The broad goals of value-based care include three key terms: improved population health, increased patient satisfaction, and cost reduction. The strategies for achieving the goals are not derived because they are very clear and simple. Here’s everything you need to know about value-based healthcare and the advantages of successfully implementing value-based care.
How Can EHR Aid In Value-Based Care?
As the shift from traditional fee-for-service payment models to value-based reimbursement continues, electronic health records (EHRs) are becoming the norm rather than the exception. This type of innovation is a positive and promising step toward a healthcare system that rewards value rather than volume and treats patients and families as decision-making partners. More streamlined and automated EHRs, as opposed to the old-fashioned paper and pencil mentality, have the potential to improve care quality and reduce the risk of life-threatening medical errors. As a result, big data assists in better aligning the healthcare industry with the CMS value-based payment timeline. With more data comes more analytics opportunities, which can lead to cost savings. Automation enabled by EHRs and electronic medical records (EMRs) simply saves valuable clinical time while lowering industry costs.
EHR Architecture for Flexibility and Speed
The healthcare industry transitions to value-based care, it is still figuring out how to make the model work in practice. As a result, both private and public providers expected to innovate quickly. For practices, this means that cloud-based EHRs will not only allow them to scale up or down without additional investment or administrative overhead, but they will also allow for the iteration cycles needed to stay ahead of sudden changes in requirements or regulations. Furthermore, the new generation of EHRs avoids data silos in favor of open, standards-based data access and interoperability, allowing practices to integrate and interface with other sources as needed.
Introducing New Value-Based Care Features
Practices require new functionality to maintain the cost and quality of their populations with different payment models.The combination of evidence-based care pathways is especially important because it enables the EHR to strengthen clinical best practices in the context of a patient encounter, where it can have the greatest impact on outcomes. Further advancements include the incorporation of genomic profiles to aid in precision medicine, as well as advanced analytics to provide near-real-time reporting on quality measures, metrics, and risk scores.
Patient Engagement as a Benefit of Value Based Care
Today, the most commonly used word in the healthcare industry is “patient care.” According to one study, patients who actively participate in their care journey with their physicians have better health outcomes. The impact of high levels of patient engagement on patient outcomes is directly related to the value-based care model. Providers who use patient engagement tools will see better outcomes and higher levels of reimbursement. By encouraging providers to focus more on patient care, value-based care increases patient engagement.
Maintaining Concentration
In this care model, providers paid for the care they provide rather than the services they provide. This ensures that the provider remains truly patient-centered rather than payment-focused. This benefits the patient by providing them with access to a higher level of care and a provider who is looking out for their best interests. Providers that compensated for assisting patients in improving their health.
Cost Savings
With this model of care, providers will find themselves saving money and reducing waste. With the traditional fee-for-service model, providers compelled to waste funds on ineffective treatments for the sake of payment, which ultimately cost them more. Value-based care motivates providers to provide the most cost-effective and effective care for the patient.
As the healthcare landscape evolves on a large scale, providers began to adopt value-based care models. The massive shift from fee-for-service to fee-for-value has been embraced as a great way to improve healthcare quality while lowering healthcare costs.
Access to complete and up-to-date patient data
The National Academy of Medicine defines value-based health care as having six key components, which that are STEEEP:
· Safe
· Timely
· Effective
· Efficient
· Equitable
· Patient-centered
One of the primary reasons EHRs support value-based care is that they make complete, accurate patient information more accessible. Equipping providers with complete patient records at the point of care is critical for ensuring that nothing missed. When healthcare providers (HCPs) have access to complete patient information, patient safety improves, promoting one of the core elements of value-based care.
In a national survey, 88% of physicians said EHRs provided clinical benefits to patients, while 75% said they helped them provide better patient care. According to another survey, 78% of EHR users
In a national survey, 88% of physicians said EHRs provided clinical benefits to patients, while 75% said they helped them provide better patient care. In another survey, 78% of EHR-using physicians reported that EHR use improved overall patient care:
· 81% said EHRs enabled them to remotely access patient charts.
· EHRs alerted them to potential medication errors in 65% of cases.
· 62% reported that EHRs alerted them to critical lab values.
· Other clinical benefits, such as ordering appropriate tests and facilitating patient communication, were reported by 30-50% of respondents.
Clinicians must have complete patient information in order to identify potential safety issues. For example, an EHR can provide access to a patient’s data where the patient’s primary care physician made a note of it.
The Final Verdict-Value Based Care
As the healthcare industry expands, healthcare providers have begun to adopt value-based care models. This shift from fee for service to fee for value executed to to improve health outcomes. Adoption of value-based care brings its requirement of the healthcare sector. To rethink the tools that will help them get success. When it comes to EHR capabilities, the ability of multidisciplinary teams, armed with powerful data and evidence-based pathways. That care for patients holistically across all health issues and care environments will be central to the future. As patients’ health outcomes improve, the entire healthcare system operates more efficiently. With fewer hospitalizations and medical emergencies. As a result, resources subjected toward improving the patient experience. Through increased staffing, new facilities, cutting-edge technology, and other patient-centric investments. Read more updated blog for healthcare and EHR information.
