Recently Definitive Healthcare hosted a virtual panel for the second session of their panel series focused on measuring success in value-based care. Three panelists from healthcare technology organizations participated and brought their unique perspectives on implementing value-based care initiatives to the conversation. This webinar focused on perspectives on value-based care across healthcare, from payers to providers to patients. Here are some key takeaways from the discussion.
How do organizations define success around value-based care programs?
- The patient experience is paramount. Patients and providers are accustomed to the old fee-for-service model and may not be aware of the benefits from value-based care. Providers have to make it a goal to spend more time with patients and increase efficiencies.
- The triple/quadruple aim. The triple aim includes reducing costs, increasing quality, improving the patient experience, and the fourth element is addressing provider satisfaction. The panelists admitted that it can seem easier said than done, but that is where tracking data and metrics through a value-based care model can help. Practices can use data to address the needs of the triple aim, and the wider organization can track provider satisfaction or stress levels to ensure workload is properly distributed.
- Collaboration across partners. Value-based care doesn’t happen in a vacuum. Payers, providers, and patients all must work together to create success.
What top metrics do organizations use to measure success?
- Utilization and cost data. All the panelists agreed that the best way to measure success and keep providers engaged is to use data. Utilization rates for ER visits, hospital readmissions, and high drug costs are the main areas of utilization management mentioned.
- Objective and subjective metrics. One of the panelists pointed out that while objective metrics such as utilization rates and other data are important, subjective metrics like provider satisfaction and stress levels are just as important to monitor. One of the benefits of value-based care is more efficient processes that spread the workload and improve efficiencies.
- It’s a journey not a race. The panelists agreed that it would take about 3 to 6 months after implementation to have enough data to be actionable, but a full year would be needed to completely assess. Value-based care is not a quick fix, but rather a full commitment to change over time.
What are good steps to help an organization get started in value-based care?
- Assess your organization. The most essential first step is taking a reading of all the stakeholders in your organization and their willingness to participate in value-based care. All the panelists noted that getting the right person, typically a C-suite member, to champion the value-based care initiative and goals is important to starting the journey.
- Identify your populations. Many of the value-based care initiatives also have value in fee-for-service models, so that can help be a starting point to find patients in need of the appropriate screenings and diagnostics
- Don’t go it alone. Getting a partner from a technology company or other organization can help smooth the implementation process. You don’t have to be the expert. If your organization is open to taking on the value-based care transformation, find a partner who is experienced to that make that a positive experience.
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