NUR 621 Value-Based Purchasing Presentation
Grand Canyon University NUR 621 Value-Based Purchasing Presentation-Step-By-Step Guide
This guide will demonstrate how to complete the Grand Canyon University NUR 621 Value-Based Purchasing Presentation assignment based on general principles of academic writing. Here, we will show you the A, B, Cs of completing an academic paper, irrespective of the instructions. After guiding you through what to do, the guide will leave one or two sample essays at the end to highlight the various sections discussed below.
How to Research and Prepare for NUR 621 Value-Based Purchasing Presentation
Whether one passes or fails an academic assignment such as the Grand Canyon University NUR 621 Value-Based Purchasing Presentation depends on the preparation done beforehand. The first thing to do once you receive an assignment is to quickly skim through the requirements. Once that is done, start going through the instructions one by one to clearly understand what the instructor wants. The most important thing here is to understand the required format—whether it is APA, MLA, Chicago, etc.
After understanding the requirements of the paper, the next phase is to gather relevant materials. The first place to start the research process is the weekly resources. Go through the resources provided in the instructions to determine which ones fit the assignment. After reviewing the provided resources, use the university library to search for additional resources. After gathering sufficient and necessary resources, you are now ready to start drafting your paper.
How to Write the Introduction for NUR 621 Value-Based Purchasing Presentation
The introduction for the Grand Canyon University NUR 621 Value-Based Purchasing Presentation is where you tell the instructor what your paper will encompass. In three to four statements, highlight the important points that will form the basis of your paper. Here, you can include statistics to show the importance of the topic you will be discussing. At the end of the introduction, write a clear purpose statement outlining what exactly will be contained in the paper. This statement will start with “The purpose of this paper…” and then proceed to outline the various sections of the instructions.
How to Write the Body for NUR 621 Value-Based Purchasing Presentation
After the introduction, move into the main part of the NUR 621 Value-Based Purchasing Presentation assignment, which is the body. Given that the paper you will be writing is not experimental, the way you organize the headings and subheadings of your paper is critically important. In some cases, you might have to use more subheadings to properly organize the assignment. The organization will depend on the rubric provided. Carefully examine the rubric, as it will contain all the detailed requirements of the assignment. Sometimes, the rubric will have information that the normal instructions lack.
Another important factor to consider at this point is how to do citations. In-text citations are fundamental as they support the arguments and points you make in the paper. At this point, the resources gathered at the beginning will come in handy. Integrating the ideas of the authors with your own will ensure that you produce a comprehensive paper. Also, follow the given citation format. In most cases, APA 7 is the preferred format for nursing assignments.
How to Write the Conclusion for NUR 621 Value-Based Purchasing Presentation
After completing the main sections, write the conclusion of your paper. The conclusion is a summary of the main points you made in your paper. However, you need to rewrite the points and not simply copy and paste them. By restating the points from each subheading, you will provide a nuanced overview of the assignment to the reader.
How to Format the References List for NUR 621 Value-Based Purchasing Presentation
The very last part of your paper involves listing the sources used in your paper. These sources should be listed in alphabetical order and double-spaced. Additionally, use a hanging indent for each source that appears in this list. Lastly, only the sources cited within the body of the paper should appear here.
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Sample Answer for NUR 621 Value-Based Purchasing Presentation
Value-Based purchase stimulates health institutions
Value-based purchase enhances quality healthcare
Under the program, value is a product of standard
The presentation explains the difference between: Value based purchase, Free-for-Service and Capitation model
Describe financial benefits of VBP to physicians
Value-based purchase stimulates health institutions to avail invaluable care to members of Medicare through a fund incentives program. The Medicare financial compensation to hospitals is altered and redesigned based on the value-based purchase production outcome of health institutions. In addition, a value-based purchase system enhances standard health in care provision (Lee & Khullar, 2020). Under the program, value is a product of standard multiplied by charges; as the standard of medication grows, patients receive more value for health care provision. Following the outcome, the sick get more value from medical therapeutics. The presentation explains how value-based purchase differs from fee-for-service or the capitated approach. Similarly, it describes why adopting a value-based purchase system is financially advantageous to the physician’s groups and health plans. While value-based purchase seeks to encourage hospitals to avail high-value care to patients, it similarly benefits the physicians’ groups and health plans; and differs from the fee-for-service or capitated approach.
Value-Based Purchase
Encourages hospitals to offer high-value care
There is Medicare financial compensation
Quality care translated compensation
Patients receive value from medical treatments
Value-Based purchase encourages hospitals to provide high-value care to Medicare
Patients through a financial incentives program.
Medicare compensation is modified based on hospital performance on the value-based purchase holistic performance score. Hospital value-based purchasing initiatives encourage quality health in care provision (Lee & Khullar, 2020). In this case, the value of health care is a function of quality multiplied by costs; as the quality of treatment extrapolates, patients receive more value for health care services provided. As such, patients receive more value from medical treatments.
Advantages of Value Based Purchase.
Cost Reduction
Providers are accountable for costs and service standard
Competition enhances reduction of cost
Patient Satisfaction
Programs result in increased contentment
In actuality, value-based purchasing entails a proactive approach to advancing service standards. The principle of value-based purchasing is that patients have a right to hold care providers accountable for costs and service quality. Value-based purchasing plans amalgamated patient results and medical cost data in a meaningful, actionable way (Lee & Khullar, 2020). For preference, the results engendered by value-based purchase strategy outcome in improved patient health care provision, satisfaction with an insurance firm, and care providers that can engage capably in a competitive business. Moreover, value-based purchasing encompasses reducing medical errors and rewarding the best-performing care provider organizations. Over the past, fewer incentive attempts, such as overall cost discount dialogue, have not proved sufficient and effective in improving the quality of care. Value-based purchasing links specific objectives to compensation incentives (Lee & Khullar, 2020). Moreover, patient contentment is an essential foundation that health care administrators use to compute organizational performance. Appropriately, hospital value-based purchasing programs result in increased contentment with healthcare strategies and service delivery.
Advantages of Value Based Purchase
Similarly, value-based purchase enhances the reduction of medical errors, which have been a pressing concern among insurance sponsors. Employers have a high trend in buying insurance plans that incentivize care providers with value-based purchasing plans that lead to fewer medical mistakes (Lee & Khullar, 2020). This trend has resulted in enhanced service quality and lessened health care charges. In addition, through the use of technology, the care providers, through the value-based purchase, harness the complete capability of health care information that they share with their patients. Value-based Purchase program encourages health care institutions to deliver custom-oriented medication to the local populace (Lee & Khullar, 2020). By complying with value-based purchasing plan aims, healthcare leaders give patients powerful encouragement and vast knowledge to identify and utilize quality health care institutions. The prudent course of action followed by administrators helps organizations meet service standards objectives that enhance community wellness.
Components and Purpose of Value-Based Purchasing
Components :
Patient- and caregiver focus experience
Patient- and caregiver-centered interaction
Efficiency
Cost reduction
Patient safety
Purpose :
Enhance quality
The components of value-based purchase include clinical care, patient- and caregiver Centered experience, patient- and caregiver-centered interaction, efficiency and cost reduction, and patient safety. Moreover, the purpose of value-based purchase seeks to improve patient safety and experience by basing medical care payments on the standard of care provided and not based on the number of services conducted. In addition, it seeks to link provider compensation to an enhanced performance by health caregivers (Lee & Khullar, 2020). The particular payment holds health caregivers accountable for the cost and quality of care they offer to patients. It strives to lessen inappropriate care and identify and compensate the excellent-performing providers.
Value-Based Care and Benefits
Value Based Care
Initiated by Michael Porter and Elizabeth Olmsted
It is the re-engineering of health care
It is cost defined as health outcomes per unit cost
Doctors compensated based on health results
Value-based care is a foundation for reorganization and re-engineering health care systems with the all-embracing aim of value for patients, with cost defined as health outcomes per unit of charges. Michael Porter and Elizabeth Olmsted Teisberg initiated the postulation (Badash et al., 2017). Whereas value-based care delivery system in which care providers, including hospitals and physicians, are compensated concerning patient health outcomes differs from a fee-for-service or capitated approach where care providers are paid concerning the number of healthcare providers they offer. Similarly, the advantages of value-based care majors on preventative care provision and not merely on medication of the showing illness. As such, value-based care leads to a healthier population with less immedicable conditions. A patient population in good health generally needs fewer services, leading to decreased charges (Badash et al., 2017). In addition, value-based care motivates standard instead of quantity by majoring on patient outcomes rather than the number of times the services are provided. The design is beneficial to the sick because it increases the care provider’s incentive to offer standard preventive care while at the same time aiding providers and the healthcare field by decreasing costs. Simply put, value-based care is merely a bold design that seeks to enhance patient care, focusing on overall wellbeing and preventive medication; value-based care upgrades healthcare results and lessens costs.
Sample Answer 2 for NUR 621 Value-Based Purchasing Presentation
Definition
The value-based care is based on the quality rather than quantity and it has emerged to replace fee-for-service system. While fee-for-service reimbursement system promoted quantity of services delivered to the patients, the federal policy-makers have formulated a system that rewards healthcare professionals and providers for the quality of services delivered to the patients (Arora, Moriates & Shah, 2015). The value-based care aims at advancing the triple objective of providing improved care for people, thereby enhancing the health of population as well as other management strategies as well as reducing the costs. Accountable Care Organization (ACO) Model. Additionally, private payers have also been able to adopt the same models of accountable, value-based care.
Definition Based On Patient Outcome
As different healthcare system anticipate to transition to the value-based care, majority of the healthcare providers are left wondering how the model is different from the traditional ones, the available programs as well as how successful they have been. In the traditional fee-for-service system, health care provider were funded on the basis of the amount of services performed. The above case has incentivized a large number of providers to order for more procedures and tests and also manage more number of patients so as to get paid (Baker, Baker& Dworkin, 2017). The costs were calculated based on what the commercial payers would offer in the private market and the percentage of what the Medicare would have paid for the same services.
Importance of Value-Based Care
To achieve the Quadruple Aim, there is the need for huge transformation across the entire end to end value chain. In most cases, pitfalls and risks are plenty.
The value-based system concentrates on the efficiency in enabling patients recover from their injuries and illnesses more quickly. In most cases, providers focus less on the management of medical issues, and more on the attempts to aggressively secure patients. The above case therefore leads to fewer tests, less visits by physicians, as well as fewer prescriptions of medications on both the long term and short term basis leading to less medical costs to the patients and effective physician practices.
Value-Based Care Models Available
For instance, if a patient is subjected to a surgery, there would be a combination of set of payments to the medical facility, surgeon, and the anesthesiologist instead of paying each one separately. The collective payment is calculated based on the historical prices.
Accountable Care Organization
Value-based care model may also incorporate the Accountable Care Organization which is a network of hospitals, physicians, as well as other providers that offer coordinated, and a high quality care to the Medicare beneficiaries. The program enables the providers to ensure that patients receive the most appropriate care at the right time. While paying for the medical services, the value-based care providers ensure that there is the prevention of unnecessary as well as the redundant services while at the same time eradicating medical errors.
Difference Between Value-based care and Fee-for-service Or Capitated Approach
. In the fee-for-service model, rates for the services were also unbundled meaning that payers offered to pay for each service separately. Under fee-for-service systems, there was an increase in the cost variations for tests and procedures; as a result, the healthcare industry was spending more to treat patients even in some cases, the patient’s conditions were not improving. The fee-for-service model also challenged the healthcare provider’s workflows since physicians were taking care of more patients and each of the claims had to be managed within a fragmented network (United States, 2019). To reduce the costs of healthcare and to effectively improve the patient outcome, the federal government in collaboration with the state government and the healthcare department created a value-based care programs that can benefit large population of people.
Characteristics of Fee-for-service Care
Fee-for-service is expensive especially to the individuals with low income; it is also not effective since it only concentrates on the quantity of services offered rather than quality. Fee-for-service raises costs and discourages the efficiencies that are anticipated by the integrated care in different medical systems.
In the healthcare system, the fee-for-service provides incentives for the medical professionals and other physicians to provide for more treatments since payments is depends on the quantity of services offered rather than quality of care given. However, there is lack of clear evidence for the effectiveness of fee-for-service delivered when it comes to the improvement of overall healthcare system. In other words, there is no conclusive proofs that these programs fail or succeed.
Characteristics of Value-Based Care
The value-based model is design to prioritize patient-centered care. In other words, it facilitates physicians and other healthcare providers to keep patients healthy, which in turn reduces the healthcare costs. The value-based system also facilitate the provision of services; it enhances the work of medical providers through enhancing essential services such as hospital readmissions. Hospital readmissions often leads to the additional costs in the tune of billions of dollars. Under the value-based models, healthcare systems are forced to provide quality care that leads to the improvement in the patient outcome. However, there are always options for the bundling payment systems or the alternative payments that provides added incentives for cost-effective and high quality healthcare. The value-based system is expected to improve the quality of medical services for all irrespective of income.
Similarities between Value-Based Care and Fee-For-Service Payment
Both the systems have attempted to promote healthcare delivery processes in different medical settings. Even though the fee-for-service is being faced out, it has been the traditional methods of acquiring services from different healthcare institutions. Both the Value-based and fee-for-service systems were meant to improve quality of medical delivery and to enhance efficiency in the delivery of medical services to all.
Both fee-for-service and value-based models require technology in the management of patient data. The above case is always essential in ensuring that medical procedures and processes are followed and hospitals readmissions are managed in an efficient and effective fashion.
Why Adopting a Value-Based Purchasing Arrangement Would Be Financially Advantageous For the Physician Groups and To the Health Plan
Provision of Bundled Reimbursement
In some other cases, the reimbursement may be done prior to the medical processes. For instance, when it comes to the surgical processes, the physicians or doctors involved and the entire medical professionals may be paid or compensated before the actual process so as to ensure quality.
With bundled payments, providers are provided with strong incentives to keep the cost low, including the prevention of the avoidable complications. With the collective reimbursement, health plans can also enjoy the reduced cost of operations and save more revenues.
Bundled payment system also encourages collaboration among the diverse providers as well as the institutions. Also, the value-based purchasing arrangements ensures that there is everything available for the treatment processes. As a result, physicians become more prepared to undertake quality medical processes without compromising on the value anticipated. Through the value-based system, if the patient undergoes surgical process, all the set of payments with be combined to the hospital and the surgeons, as well as other medical professionals involved instead of each one being paid separately.
2. Flexibility in the Reimbursement System
With the value-based model, patients are able to receive highly valued services and on the other hand, the provider is able to offer suitable recommendations. With the provision of quality services in preparation to caring for the patients, there is always a significant reduction in the medical errors which are always of significant concerns to the insurance sponsors including large employers. In the fee-for-service delivery model, there was significant amount of funds that went to the wasted resources as well as the harmful or ineffective treatment processes. Therefore, health plans used to pay more for the services that could be otherwise provided at cheaper costs. The system is therefore of great advantage to the healthcare plans.
3. Reduced Costs
The value-based model combine information concerning patient outcome as well as medical costs data in actionable, meaningful ways. The above situation often proves advantageous to the physicians as they are able to see the medical and treatment history for effective service delivery.
.medical professionals have the advantage of medical information and they are able to manipulate it for efficient and quality care delivery.
In most cases, the results or outcome produced by the value-based purchase plans leads to an improved patient health care services, increased satisfaction to the health plans or insurers as well as the care providers who can then compete capably within the competitive market environment. There is always price discount negotiation between the physician groups and the insurers or health plans.
2. Increases Patient Satisfaction
There are always value-based purchasing links with specific objectives of reimbursing incentives. In most cases, patient satisfaction is one of the essential benchmark used by the healthcare administrators to measure the performance of an organization and the efficiency of the workforce. In the modern healthcare system, different health institutions often attempt to ensure quality in medical delivery and the general treatment processes (Tierney, 2017). Usually, patient safety is the basis of the high-quality healthcare system. Much of the work involving patient practices and safety that prevents harm focused on the negative outcome of care, including morbidity and mortality. Attempts to define the quality of the nursing practices started with Florence Nightingale, who had a passion for improving conditions in different medical facilities and the overall patient outcomes.
Increased Efficiency in the Treatment and General Care Process
physicians may find perfect opportunities for benchmarking processes, thereby boosting their skills and experiences in line with the healthcare systems. Quality nursing indicators are meant to define the roles of nursing care when in the determination of patient safety and outcomes through the analysis of process-outcome, structure-outcome as well as the structure-process-outcome relationships (Breuer & Lüdeke-Freund, 2016). Through the application of nursing-quality indicators, nurses would be able to align service provisions. To ensure the transformation on how the healthcare providers are reimbursed after the healthcare services, the Centers for Medicare and Medicaid Services (CMS) has introduced different value-based care models including the Medicare Shared Savings Programs as well as the Pioneer Accountable Care Organization (ACO) Model. Additionally, private payers have also been able to adopt the same models of accountable, value-based care.
Challenges in the Implementation of Value-based System
Since the reimbursement process requires collective medical team, the compensation system may get compromised as a result of the lack of man power. Health insurance often covers and provides for the payments of benefits as a result of injury or sickness. It usually includes insurance for losses from medical expenses, losses from accidents, accidental death, and disability as well as the dismemberment. Health insurance benefits are often administered by a given central organization such as government agencies, non-profit entities and private businesses. With the health insurance cover, hospitals and other healthcare facilities can maintain their financial statuses and ensure the provision of quality care characterized by evidence-based practices. In most cases, uninsured patients can negatively impact the financial status of healthcare institutions, a scenario that may arise from the scarce distribution of resources.
References
´Arora, V., Moriates, C., & Shah, N. (2015). Understanding value based healthcare. McGraw Hill Professional.
´Baker, J. J., Baker, R. W., & Dworkin, N. R. (2017). Health care finance. Jones & Bartlett Learning.
´United States. (2019). Examining barriers to expanding innovative, value-based care in Medicare: Hearing before the Subcommittee on Health of the Committee on Energy and Commerce, House of Representatives, One Hundred Fifteenth Congress, second session, September 13, 2018.
´Tierney, N. W. (2017). Value Management in Healthcare: How to Establish a Value Management Office to Support Value-Based Outcomes in Healthcare. Productivity Press.
´Breuer, H., & Lüdeke-Freund, F. (2016). Values-Based Innovation Management: Innovating by What We Care About. Macmillan International Higher Education.