In a value-based healthcare system:
Most societies are witnessing an ageing population and an increase in lifestyle diseases such as obesity and diabetes. In addition, healthcare delivery improvements and scientific discoveries have turned previously lethal conditions into chronic illnesses.
Furthermore, doctors and other providers are no longer automatically seen as the persons who know what is best for the patient/client. The role of provider is becoming one of being a guide, who is leading patients and clients through their conditions. As patients are becoming more empowered, they play an active role in deciding what outcomes matter to them and what healthcare options help them to get there. In addition, patients and clients educate themselves and feel entitled to treatments that they feel would suit best.
All these factors contribute to a strong increase in healthcare demand, with more, longer, and more complex treatments. This leads to severe growth in healthcare expenditure.
On average, countries spend 10% of their GDP on healthcare. This is expected to rise to 30% by 2030. In this situation, broad accessibility of highly qualitative healthcare and high quality of life, is at risk. Either healthcare quality will decrease, it will only be available to the rich, or it does not meet the needs of individual consumers. Or a combination of these three. Action is needed.
Value-based healthcare focuses on patient/client outcomes in relation to the costs of achieving those outcomes.
Stakeholders each have their own perspectives on what this entails. And how they can contribute to the concept: Providers measure Patient Reported Outcome Measures (PROMs) to know how treatments influence quality of life. Consumers engage in shared decision making to choose the most appropriate treatments. Payers contract healthcare providers with the best outcomes versus cost ratio. Governments develop policies that support value-based healthcare. Life sciences experiment with value-for-performance models and first time right diagnostic tools. These are just a few examples.
All these activities are part of the value-based healthcare principle. However, they often do not correspond with each other, or are even inflictive.
At Value2Health, we choose an integrative approach. We strongly believe that value-based healthcare is a matter of balance and alignment of different stakeholder interests. In that sense, we predict a vertical integration where direct healthcare delivery, management & financing of healthcare and overall policies should add to one another.
At the same time, we foresee horizontal integration, where healthcare delivery is organised in cycle-of-care networks along patient journeys. This, as opposed to the currently frequently witnessed silos of individual providers.
Value-based healthcare is the optimal and sustainable balance between high quality of care, high quality of life, and containable costs.
To make value-based healthcare happen, healthcare systems will need to change:
To make this change happen and to drive value-based healthcare, Value2Health gives all stakeholders access to valid, trustworthy and relevant information, at the right level of analysis. In that way, all stakeholders, each in their own role, are able to make well-informed decisions that optimise the balance sustainably.
Let’s create value. Care to join?
The Value2Health Team