ASK ENLACE3 Ways Value-Based Care Empowers Providers to Better Manage Chronic Diseases
Nearly half of Americans suffer from at least one chronic disease. This leads to enormous health costs and greatly impacts the overall economy. Here are 3 reasons value-based care leads to better care management and outcomes.
Chronic disease is one of the most serious threats to healthcare in the United States. In 2020, the CDC estimated that chronic diseases and conditions were responsible for 90% of the nation’s annual healthcare expenditure. Even more alarming is that over 60% of American adults suffer from at least one chronic disease. Improving chronic disease management is key to reducing the cost of care and improving the health of Americans.
Many providers view value-based care as an effective tool to help them achieve that goal. According to a report from Insights by Xtelligent Healthcare Media, nearly two-thirds of providers view value-based care as a way to improve patient relationships and care management strategies for chronic diseases. Here’s why these providers are right:
Where Fee-for-Service is Reactive, Value-Based Care is Proactive
Fee-for-service agreements tend to only operate after something has gone wrong. This reactive approach can lead to expensive procedures that could have been avoided with proper preventative care. Value-based care agreements often incentivize preventative care measures such as routine screenings, which reduce healthcare costs down the line.
Value-Based Care Leads to Better Outcomes for All
Value-based care also results in better health outcomes for patients. Multiple studies have shown that value-based care reduces both complication and readmission rates. Aside from the obvious benefits to patients, this increase in quality and efficiency saves payers money and providers valuable time and resources.
Value-Based Care Improves Patient-Provider Relationships
Bundled payments, a form of value-based care, can reduce uncertainty for chronic disease patients. These patients are less likely to experience unexpected or unnecessary procedures that could drastically increase their out-of-pocket costs. This can lead to improved trust between patients and their physicians. Value-based care frequently increases patient-provider interactions, which can in turn lead to improved patient compliance and reduced complication rates. These higher rates of compliance are strongly correlated with better outcomes, especially with chronic disease patients.
With the majority of Americans living with chronic disease, there is an enormous opportunity for healthcare companies to provide the quality care for these individuals that they have lacked. Value-based care allows providers to seize upon this opportunity, and more and more providers are embracing that fact.
References:
Value-Based Care is Improving Chronic Disease Management