The global healthcare industry was greatly impacted by the COVID-19, and 2021 may continue to feel the effects of these missed opportunities. One of which relates to value-based care (VBC), a system made to reward medical professionals for making an effort to guide their patients in mitigating risks for chronic diseases. But VBC could be in danger of becoming forgotten unless hospitals learn to appreciate the holistic approach to better healthcare.
This article will discuss three things for consideration as we enter the new year and still feeling the effects of crisis-level management in most healthcare facilities. Take this as an opportunity to learn better from the industry’s mistakes last year and what should be done moving forward. This way, you can be a better healthcare provider and learn to value the patient for their unique characteristics and dedication to be healthier.
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The adjustment period from fee-for-service to VBC
Many hospitals and clinics go by the fee-for-service care system, meaning the patient will reimburse the medical practitioner for their services. It’s been this way for ages, so there’s a possibility that the transition to VBC may pose some challenges, especially since exchanges for services seem to be easier to understand in context with the pandemic.
For instance, if you are tending to a group of patients living in the same nuclear household, and they want to prevent COVID-19, you may get some incentive in return through your income if they don’t get the virus, allowing you to meet your daily living costs. But if your patients all get COVID-19, you may get less even after you provide them with healthcare services. It may then affect your financial stability.
The VBC is tailored to benefit both the medical practitioner and the patient. However, since there are many adjustments associated with the system, it may be difficult to shift out of fee-for-service, especially as many countries are still trying to contain COVID-19. More deliberations need to be made with more data gathering and dialoguing in 2021 to see its viability.
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Possible lapses in workflow alignment with other medical practitioners
Many physicians see the potential of VBC to be a sustainable, more inclusive approach to healthcare due to its ideals and benefits for disadvantaged communities. The problem is modern-day medical facilities have more than just the doctors tending to their patients. There are managers, shareholders, and pharmaceutical companies. These entities all seem to benefit largely from the fee-for-service approach because it’s practical and consistent for generating profits.
As such, VBC may seem to be way too idealistic for most hospitals. However, there could be a chance to reconsider it once the pandemic dies down and the healthcare industry takes a step back to review its effectiveness in containing the virus and mitigating the threat.
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Addressing data points for VBC transition
Many concerned medical organizations have high hopes for VBC and its forward-thinking approach to providing medical services. That’s why there’s been a clamor for data gathering and analysis.
They are concerned with the typical workflow in medical institutions, allowing VBC-positive groups to test whether or not the transition may work. However, it’s a massive undertaking needing around a year and more worth of data to analyze, and the recommendations and trends may be outdated by then. It may take more research to pull off depending on the outcomes of 2021 and risk management.
Conclusion
VBC can be a promising change for the healthcare industry, but it does have its limitations. Now, you have some working knowledge to ensure you can keep track of the latest information. You just need to keep reading to make certain that you are ready and well-prepared for any transitions. Stay informed by reading other medical news.
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