By: Christopher Wolfington
Be prepared for a shift in paradigm in the healthcare industry. Financial planners for healthcare
institutions are attempting to stay ahead of the game as the culture in the healthcare sector is leaning on different priorities. Here are some trends to be aware of this coming year:
Value-Based Over Volume-Based Shifts – A new type of care model is emerging in today’s healthcare society. Dubbed “value-based care” the new approach is designed to be more patient-centered, with a focus on making sure members get proper access to personalized health care, right in their own area. Value-based care ties payments to the quality of care provided as well – offering compensation and possible benefits for providers of great service.
Value-based care is the alternative to the more straight forward volume-based, fee-for- service
model where providers are paid for the number of patients and services performed. This shift in care models aims to alleviate the fragmented service that is common in the country today with a more coordinated payment system that ensures the best possible service for the patient and
holds organizations accountable.
Data Revolution – Hospitals and healthcare providers are finding it increasingly difficult to make decisions for the future. This is why administrative leaders are turning to hard data. Healthcare systems are realizing that they need a flexible, single source of clinical data to assist in making the right improvements when it comes to cost and quality. Instituting a modern channel of acquiring and recording data will allow providers to reduce inefficiencies and errors and make easy adjustments – leading directly to reduced time and cost to the consumer. This shift is a win-win for both parties.
Population Health – Population health can be described as the way we promote health though informed choices of all individuals and organizations. Basically, how we develop strategies to improve the public health system. Currently there is a large disparity with how much the US spends on healthcare and the health outcomes of the public. Higher costs are simply not producing the desired positive outcomes. This supports the idea that the volume-based system of healthcare is not effective. Success for population health will require organization and patients to engage beyond the shorter encounters that are considered mainstream today. We will begin to see a shift from providers treating patients as just a consumer and instead investing in a relationship with the patient and monitoring how that investment is faring. Prepare to see the healthcare landscape shift this year as healthcare providers and patients are changing the way they view their relationship personally and financially. The healthcare system is going to experience a dynamic move that is focused on more collaboration and engagement. Embracing this change will help healthcare providers become more efficient and understand their patients better, while providing better care and financial freedom in the long run.