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The days of healthcare as simply treating symptoms are waning. Members and payers are demanding more, opening the door for value-based care.
Value-based care is an outcomes-driven model of care. Healthcare providers are reimbursed based on the quality they provide to members, rather than the volume of members they see.
With more incentive to deliver high-quality care, providers have more opportunities to develop strong relationships with members and to allow for more time-rich appointments. Knowing that they will receive the kind of quality care that they need, members are empowered to take ownership of their health.
Read Now: Value-Based Care: What It Is, Why It's Important, And The Best Way To Deliver It
The early days of value-based care
Chief Medical Officer, Kevin Wang, reflects on the factors that helped to propel value-based care:
“Traditionally, you’re not getting quality outcomes. You’re getting higher costs, but not the access or the satisfaction.”
Value-based care was introduced, but there were challenges. Healthcare organizations tasked with performance incentives found it difficult to meet quality expectations. Not meeting care goals meant lower payment amounts from the Centers for Medicaid and Medicare Services (CMS).
Under Vera’s model of value-based care, the health outcomes meet or exceed CMS and other national standards.
The future of value-based care
Value-based care has come a long way. It’s no longer your mom’s Medicare.
“At Vera, it means having the time to do longer appointments, to go deeper with understanding a patient’s bio-psychosocial needs … it’s the opposite of fee-for-service, the opposite of transactional care,” says Wang.
In order to truly provide value, the care needs to align with incentives that entice members to take ownership of their health.
“At Vera, we align with our members and what incentives may drive them to seek care,” says Wang. “An incentive might be something like an HSA contribution or premium reduction, something that gets the member in the door. Then, once they are in, they see our high-quality providers and that drives value.”
When that initial visit turns into routine care, the need for costly specialist care goes down.
Value-based is the only sustainable way forward for payers, and those that move first will gain an advantage. Learn more by checking out our in-depth guide, Value-Based Care: What It Is, Why It's Important, And The Best Way To Deliver It.
