Based on an audio interview with Nicole Geier:
Value-based care is an innovative provider-payment reimbursement model. It’s based on incentivizing providers to administer high quality healthcare, while lowering its costs.
It’s different than the standard fee-for-service reimbursement model, which incentivizes providers to perform a higher quantity of services. With healthcare as expensive as it is, this often results in higher costs for the patient.
A value-based care payment system focuses on health outcomes, rather than the quantity of services provided. It puts a heavy emphasis on the overall health of the patient.
Value-based care enables lower costs and better results for patients. With reduced spending and better health outcomes, we see a healthier population. We can identify high risk patients and solve their care needs. And finally, we can keep healthy patients out of the doctor’s office to reduce physician and staff burnout.
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