NUR 621 Value-Based Purchasing Presentation
NUR 621 Value-Based Purchasing Presentation
qValue-Based purchase stimulates health institutions
q Value-based purchase enhances quality healthcare
qUnder the program, value is a product of standard
üThe presentation explains the difference between: Value based purchase, Free-for-Service and Capitation model
üDescribe 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
q Value-Based Purchase:
qEncourages hospitals to offer high-value care
qThere is Medicare financial compensation
qQuality care translated compensation
qPatients receive value from medical treatments
Value-Based purchase encourages hospitals to provide high-value care to Medicare p
NUR 621 Value Based Purchasing Presentation
atients through a financial incentives program.
NUR 621 Value-Based Purchasing Presentation
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.
qCost Reduction
ØProviders are accountable for costs and service standard
ØCompetition enhances reduction of cost
qPatient Satisfaction
ØPrograms 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
qComponents :
ØPatient- and caregiver focus experience
ØPatient- and caregiver-centered interaction
ØEfficiency
ØCost reduction
ØPatient safety
qPurpose :
ØEnhance 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
qValue Based Care
ØInitiated by Michael Porter and Elizabeth Olmsted
ØIt is the re-engineering of health care
ØIt is cost defined as health outcomes per unit cost
ØDoctors 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.