Until recently, 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 customer preferences, hospitals are transitioning to value-based models.
In value-based healthcare models, hospitals are rewarded for helping keep people healthy and for improving the health of those who have chronic conditions in evidence-based, cost-effective ways.
In a fee-for-service model, patient treatment is often siloed — each department independently addresses the symptoms that fall under their care umbrella. Value-based care, on the other hand, focuses on 360-degree patient health, connecting departments to improve overall health long-term. Best practices in value-based care include optimizing patient time, experience, and data, as well as payer resources.
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
Healthcare marketing teams play an important role in helping organizations smoothly transition to a value-based care model. Let’s look at four specific tactics: