Most of us are familiar with the traditional compensation model for healthcare professionals. They’re paid based on how often and how many services they perform for patients. On the other hand, value-based care focuses on the opposite.
NEJM Catalyst defines value-based care as a “delivery model in which providers, including hospitals and physicians, are paid based on patient health outcomes.” So, instead of being compensated for the service in and of itself, providers are paid based on their patients’ improved health over time.
In addition to more staff and patient engagement, the recent push toward value-based care revealed the need for elevated technologies to make such a model more seamless.
Before we discuss this in further detail, let’s explore how innovative technology is etching a permanent home in the healthcare industry and the value-based care model.
Innovative Technology Is Making Itself Comfortable in Healthcare
Our world becoming more digitally focused includes healthcare systems. Healthcare facilities worldwide are investing in innovative technology that fuels their operations and expands their capacity to provide patients with the quality care they want and deserve.
The use of innovative technology in preventative care is especially notable. The following four methods of technology, in particular, have revolutionized how physicians and patients navigate disease, injury, and illness prevention.
Smart health technologies
Smart health technologies, also known as wearable technology or biosensors, are becoming more widely used among patients and practitioners. These devices are distributed to patients so that providers can monitor patient health remotely.
These devices collect and process detailed patient data that providers can use to develop personalized short and long-term care plans.
For example, a doctor can give a patient with high blood pressure a wearable biosensor to track their BP patterns daily. Armed with this information, they can make better decisions about medication, activity, and other medical interventions to improve the patient’s health more regularly.
Telehealth
Telehealth is the facilitation of healthcare services remotely via phone or video call. Of course, some things can only be treated adequately with an in-person visit. However, telehealth can become a viable option for patient care in specific circumstances like a follow-up appointment after a hospital stay, discussing test results, or doing a therapy session.
This method is also especially helpful to patients who live in remote areas where healthcare treatment was unattainable previously. With the help of remote telehealth technology, patients can seek medical advice at any time from the comfort of their own homes.
Patient portals
There was a time when patients had to do everything related to healthcare in person, from setting up appointments to accessing resources and literature to viewing lab results. Now, patient portals allow patients to access their personal health information 24/7 via a secure online platform.
The Need for Tech That Targets Patient Outcomes
Providers can absolutely adjust their use of the above technologies to make them an integral part of value-based care. They can do this by figuring out where and how to implement telehealth, patient portals, and intelligent health technologies. Often, the aforementioned technology can be integral in preventative care — which is valuable to all, but especially to vulnerable populations like older adults — but providers shouldn’t stop there, as obviously, a large aspect of healthcare supersedes preventative care.
Instead, providers should provide additional focus on technology that specifically targets patient outcomes. Electronic health records (EHR) and enhanced data analytics are two technologies that fuel value-based care.
Both enable providers to deliver a tailored, precise treatment plan aimed at improving patient health outcomes rather than solely treating the health issue they’re having at the moment.
EHR technology
An electronic health record is a digital version of a patient’s chart and medical history. It includes information on all facets of a patient’s medical record, including:
- Documented medical issues
- Recent vital signs
- Past and upcoming appointments
- Surgery history
- Current medications
- Lab results
- Demographic information
- Provider notes
EHR technology is critical in value-based care because it gives a complete view of a patient’s healthcare journey. The more a provider knows about a patient, the easier it becomes to develop a plan tailored to improving their health over time.
The healthcare industry can make value-based care even more effective by making EHRs visible across all medical facilities and providers. The impact of value-based care depends on a collaborative effort from all medical professionals involved in a patient’s care. With the help of EHR technology, an entire team of medical professionals can have an active role in treatment plans instead of contradicting one another, which would ultimately leave patients conflicted and confused.
Enhanced data analytics tools
The booming field of data analytics is likely to revolutionize many sectors as information yields invaluable insights. From healthcare to home goods, everything can benefit from optimization and automation.
An enhanced data analytics system can also track the success of value-based care for providers to get the appropriate compensation. With its help, providers can deep dive into the results of their services concerning a patient’s improved (or not improved) health.
The data analysis and information provided can help providers move forward with higher-quality care over a prolonged period. It also helps healthcare leaders to make decisions on treatment methods and technology that works best for patients.
Value-based Care Is Practical and Proven
Value-based care is not only useful but it’s proven to lower costs for patients and providers as well as positively impact the health outcomes of patients. That said, it needs the right technology to support its effectiveness.
Healthcare providers that approach value-based care tech decisions strategically will have the best chance of keeping patients out of the hospital, away from chronic diseases and leading healthier lives for years to come.
