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Value-based health care is a type of service and the providers, such as hospitals, are paid on the basis of patient experience, cost, efficiency, quality, and health outcome of the patient. The cost is lowered due to an increase in pressure to improve care and lower cost by intense competition between the providers. Value-based healthcare services are found to be beneficial to society, suppliers, payers, providers, and patients. They focus on helping patients recover rapidly and avoid chronic diseases to achieve better health at lower costs. Overall health care spending for society is reduced by value-based health care service. Commonly used value-based health care models are pay for patient-centred medical home, bundled payments, accountable care organization, and performance.
COVID-19 scenario analysis
The COVID-19 pandemic is posing a huge challenge to the whole world since 2020. This infection leads to multiple organ failure, pneumonia, severe and acute respiratory disorders, and in severe cases, death. COVID-19 has prompted the launch and modification of care delivery to more virtual models. It also has proven the high value of remote monitoring. Providers are monitoring patients’ health status and behaviours via devices and wireless apps more often, instead of visiting the office. Not only is virtual care more convenient and less expensive, but it also flags changes in behaviours or health status in real-time. Currently, issues are addressed immediately instead of waiting for changes to escalate into expensive visits to the emergency room or medical specialists.
Governments of developing countries are making significant investments to modernize healthcare infrastructure in their respective countries, which is likely to increase access to healthcare. This is expected to increase the demand for value-based healthcare services. An increase in the prevalence of chronic diseases, such as cancer and diabetes, in developing countries presents lucrative opportunities in the global value-based healthcare services market.
Top impacting factors: market scenario analysis, trends, drivers and impact analysis
There has been a number of rapid developments in healthcare following the advent of digital technology, which contributes to the growth of the value-based healthcare services market. The demand for value-based healthcare services is rising steadily as more informed patients are expecting high quality care from healthcare service providers.
Due to digitization over time, healthcare policies and ways of delivering medical care have changed a lot. Greater collaborations will take place due to rapid expansion in value-based healthcare services. Patients with any kind of disease will be diagnosed earlier though value-based healthcare with greater transparency. Therefore, rapid expansion in value-based healthcare services is driving the market growth.
Expensive healthcare procedural factors such as doctor visits, hospital admissions, and prolonged hospital stays can be strategically managed via value-based healthcare services. Moreover, value-based healthcare services enhance home care facilities and the real-time data offered by healthcare providers. It is based on fluctuations detected in the condition of a patient
These factors help eliminate the need for planned doctor appointments, thus reducing the expenditure of treatment. Thus, patients are adopting and demanding more value-based health care models to reduce treatment costs.
Ensuring reliable data in value-based healthcare services is a new challenge for administering Medicare payment systems. Providers will have to ensure the reliability of data as many of the payments are linked to quality and outcomes, and also, they will have to make sure the data is appropriate and meaningful. Ensuring accurate information is going to be critical as the performance is determined on the basis of Medicare.
Electronic Health Records (EHRs) contain different types of patient-level variables such as medications, demographics, vital signs, problem lists, diagnoses, and laboratory data. These outcomes play an important role as these are assessed to ensure correct payment. The integrity of information is most likely the biggest challenge providers face.
In addition, teetering between two reimbursement models and aligning two payment mechanisms is another factor hindering the growth of the value-based healthcare services market. As with two reimbursement models, providers need to spend more time with patients for quality care and that results into requirement of more staff and administrative work. It will be a task for providers to examine the same number of patients and perform the same amount of services. Thus, it is going to be a challenge for providers to keep the profits up.
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