What will change when value-based care is implemented?
As the healthcare industry shifts from volume-based care to value-based care, the hope is that it will bring down costs for clients while delivering better results. Physicians, therapists, and social workers are optimistic about this new model and are excited about being able to deliver the high-quality care they pride themselves on without the worry of adding burdensome costs to those under their care. However, many providers do not have the data or tools needed to help them and their practices manage this shift.
Because general healthcare has been the first to move toward value-based care, the behavioral health industry can take the findings as a “hint” of what could happen for the behavioral side of health. For instance, 72% of physicians consider cost data valuable but only 28% of physicians receive cost information, which harms their ability to find low-cost lab and imaging options, identify high-quality nursing facilities or rehab centers. Sharing this data isn’t just beneficial to clients but can help facilities cut costs. In the two months after piloting sharing relevant cost data, the Texas Hospital Association saved $430,444. For behavioral health agencies that often operate on slimmer margins, the financial returns of investing in value-based care could pay off in a big way.
But it won’t just benefit agencies’ finances. When value-based care agreements are in place, many parties benefit. Patients will be able to improve their health for a reduced cost, especially in cases of chronic disease and other long-term or complicated health challenges. Providers will have access to more knowledge-sharing, which will increase their efficiencies and allow them to deliver more targeted, evidence-based care to their clients. Suppliers and payers will find an equilibrium where price, risk, and patient outcome balance, which will ultimately lead to a healthier society and lower costs-of-care.