Leader in lifestyle medicine Cate Collings explains how clinicians can add true high value to value-based care models.
Healthcare is evolving rapidly. As clinicians strive to provide the kind of care that drew them to medicine in the first place, they are facing the need for new knowledge and tools to navigate the changing business models of medicine.One such model is value-based care , an alternative to the volume-based or fee-for-service reimbursement models that have previously dominated healthcare delivery.
Under these models, providers of care are rewarded for improving health outcomes while reducing costly procedural and hospital care. FFS reimbursements are criticized for being inefficient, wasteful, and uncoordinated. Policymakers, payers, and health leaders — not to mention patients and their loved ones — are eager for better healthcare experiences and improved quality without incurring higher insurance premiums, copays, employer healthcare costs, or federal taxpayer dollars.
Since 2010, the Center for Medicare and Medicaid Innovation has tested several VBC models, with mixed results to date. A recent report,"?" from the Association of American Medical Colleges Research and Action Institute, highlighted several VBC models that produced significant cost savings, such as a projected $1.66 billion in 2021 by the Medicare Shared Savings Program.
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