Every day, people make decisions about their healthcare. They choose which provider to see, what services to receive, and how to pay for them. This means that, as a healthcare organization, it’s important to provide high-value care. Value in healthcare is defined as the health outcomes achieved per dollar spent. In other words, it’s a measure of quality and cost-effectiveness. Each year, the Centers for Medicare and Medicaid Services (CMS) releases a report on the value of care in the United States. The 2017 report found that the average value of care was 10,739 per person, totaling 3.9 trillion dollars spent on healthcare that year. Many important factors contribute to value-based healthcare. These include the quality of care, the cost of care, and patient satisfaction. Quality of care Quality of care is an important indicator of the effectiveness of a healthcare organization. There are many ways it is measured, but some common indicators include preventive care, patient satisfaction, and outcomes. Preventive care measures the ability of an organization to provide screenings and vaccinations that can prevent disease and illness. Patient satisfaction surveys provide a valuable perspective on the quality of care from the patient’s point of view. And outcome measures assess the success of care in achieving specific goals, such as reducing hospital readmissions or improving cancer survival rates. By tracking these indicators, organizations can identify areas where quality improvement is needed and make changes that will ultimately improve the health of their patients. Cost of care The cost of care is another important factor in ensuring value-based healthcare. The CMS report mentioned earlier found that, on average, American hospitals charge almost three times as much for a given procedure as hospitals in other developed countries. This difference can be explained, in part, by the higher salaries of American doctors and nurses and the greater availability of expensive technology. But it’s also because our healthcare system is somewhat fragmented, which leads to inefficiencies and higher costs. The solution, then, is to find ways to make our system more efficient so that we can provide high-value care at a lower cost. Patient Satisfaction In addition to the quality of care, patient satisfaction surveys are a valuable tool for measuring value in this sector. In general, patients are satisfied with their care if they feel that their needs are being met and they can communicate effectively with their care team. Those who are dissatisfied with their care are more likely to seek care elsewhere, which can ultimately lead to higher costs. Additionally, patients who are more satisfied with their care are more likely to follow their care plan and take their medications as prescribed. This can lead to better health outcomes and lower costs over time. Conclusion Organizations must provide high-valued care in order to be successful. This means delivering quality care at a reasonable cost while also ensuring that patients are satisfied with their care. By tracking indicators of quality, cost, and patient satisfaction, organizations can identify areas where improvements are needed. Ultimately, this will lead to better health outcomes for patients and lower healthcare costs.
