What Is Value-Based Healthcare and How Does It Put Patients First?

Name: What Is Value-Based Healthcare and How Does It Put Patients First?
Uploaded: 2023-05-24T15:53:29Z
Duration: 1 min 56 s
Description: Countries are reaching the limit on how much they can spend on healthcare. At the same time, as populations age and chronic diseases rise. Healthcare demand has never been higher. Harvard researchers have devised a model called ‘value-based healthcare’ (VBHC).

Countries are reaching the limit on how much they can spend on healthcare. At the same time, as populations age and chronic diseases rise. Healthcare demand has never been higher. Harvard researchers have devised a model called ‘value-based healthcare’ (VBHC).

Value-based healthcare (VBHC) is a new approach to healthcare delivery that focuses on improving patient outcomes while reducing costs. VBHC differs from traditional fee-for-service healthcare in that providers are paid based on the quality of care they provide, rather than the quantity of services they deliver.

There are many benefits to VBHC, including:

Improved patient outcomes: VBHC providers are incentivized to provide high-quality care, which can lead to improved patient outcomes.
Reduced costs: VBHC can help to reduce healthcare costs by reducing the need for unnecessary tests and procedures.
Increased patient satisfaction: VBHC providers are more likely to focus on the patient's overall well-being, which can lead to increased patient satisfaction.

There are many examples of VBHC in action around the world. For example, NHS Wales has used VBHC to improve the care of patients with chronic diseases. As a result of these efforts, the number of patients with chronic diseases who are hospitalized has decreased, and the number of patients who are able to live independently has increased.

Another example of VBHC is the work of Steno Diabetes Centre Copenhagen. This center has used VBHC to help patients with diabetes manage their condition more effectively. As a result of these efforts, the number of patients with diabetes who have lost their vision or had their legs amputated has decreased.

VBHC is a new approach to healthcare delivery that has the potential to improve patient outcomes, reduce costs, and increase patient satisfaction. As VBHC continues to evolve, it is likely to become an increasingly important part of the healthcare landscape.

The World Economic Forum has launched the Global Coalition for Value in Healthcare to promote VBHC in health systems around the world and champion the work of early adopters.