Historically, hospitals operated mostly on a fee-for-service approach, meaning that their goal was to deliver the greatest number of services to the greatest number of people. Now, in response to changing markets and shared risk models, hospitals have begun to transition to a value-based model of care.
What is a Value-Based Model of Care?
Value-based care is a financial model meant to improve the quality of care and care outcomes for all patients who enter the health system – while simultaneously reducing healthcare costs over time. In other words, health systems must provide the highest quality of care at the lowest possible cost to the patient, minimizing repeat visits and unnecessary procedures. In a value-based model of care, ongoing wellness and preventative treatment are prioritized.
In a fee-for-service model, or volume-based care, patient treatment is often siloed and doesn’t prioritize care coordination. Value-based care shifts the health system’s focus towards a more holistic view of patient health, connecting departments to improve overall well-being.
There are many potential benefits of value-based care for both providers and patients, including:
- Decreased medical costs, especially for those with chronic conditions
- Increased patient satisfaction and engagement
- Bundled payments that cover full care cycles
- Prices reflecting patient outcomes
- Healthier overall populations
Volume to Value-Based Healthcare: Best Practices for Marketers
Healthcare marketing teams play an important role in helping organizations communicate with patients to optimize a value-based model of care. Marketing teams must be equipped with the right tools, however, in order to reach consumers with relevant content that will improve both engagement and overall experience. Let’s look at three specific tactics: