Value-based care is a hot subject in the healthcare industry. Traditionally, many healthcare providers use a fee-for-service model, which allows them to charge for every service and patient they treat. A value-based care model reimburses healthcare providers based on the quality of care instead of the number of services completed.
But does value-based care have a place in 2021? Let’s talk about what has happened during the pandemic and what the Biden administration might do with value-based care.
Has value-based care been successful during the pandemic?
Our ongoing public health crisis has tested many healthcare systems, but value-based care has managed to handle the situation better than other payment models.
Provider offices saw a 55 percent decrease in revenue during the height of the pandemic. This might be due to the 60 percent decrease in patient volume during the same period.
If a physician was using a fee-for-service payment model, it makes sense that a decline in patients led to lower revenue.
However, value-based care physicians didn’t run into the same problem. Since they receive compensation for the quality of care, not the number of patients, they could adapt to the pandemic easier. Value-based care meant they still received reimbursement, even if they switched to virtual telehealth visits or saw fewer patients.
The pandemic has shown that fee-for-service is not ideal during a public health crisis.
What do professionals think about value-based care?
Many healthcare providers see value-based care as the future of healthcare. One of these supporters is America’s Physician Groups, which represents over 195,000 physicians.
Donald Crane, JD, president and CEO of America’s Physician Groups, wrote a letter to the Biden administration concerning value-based care. He wrote, “Any new healthcare system that is established for future generations should be built upon a solid foundation and consensus within the healthcare space is continuing to point toward value-based care as opposed to our current fee-for-service system.”
Will the Biden administration tackle value-based care?
Biden’s presidential campaign ran on strengthening Medicaid, the Affordable Care Act (ACA), and creating a public option health plan. While the Biden administration hasn’t made official announcements regarding the future of healthcare, it’s largely expected that value-based care will be promoted and expanded upon in the future.
Value-based healthcare could be one way for the president to address racial disparities and gaps in the health system. Alternative payment models could help close other healthcare treatment gaps among gender, sexual orientation, and possibly even zip code.
How can you ensure the best care for patients?
Physicians that want to prioritize value-based care might wonder how to provide higher quality care to their patients.
The Centers for Medicare & Medicaid Services is a federal agency that determines if doctors provide quality care. One of the effects of value-based care is healthcare providers could lose money if they score poorly on secure patient outreach and communication.
HIPAA compliant email is more necessary than ever for communicating with your patients on a large scale. Paubox Marketing lets recipients view healthcare-related marketing emails like regular emails without relying on out-dated portal notifications which are terrible for the recipient. It allows you to segment your patients and send them secure emails including protected health information (PHI) to increase patient engagement while remaining HIPAA compliant.
For example, you can email your patients about:
- Appointment reminders
- Reminders to visit for flu shots
- Ask for feedback
- And many more uses
These emails will help improve patient activation and increase your revenue, as well as support a value-based model of care.