Value-Based Reimbursement

As the model’s name indicates, there’s a greater emphasis on the value derived from the care received. This model of reimbursement rewards providers based on patient outcomes, pricing, access to care, and overall efficiency. Many experts agree that adopting such a method is the best solution to refine healthcare in the United States.
The system of Reimbursement for medical care would disregard the mere number of visits by patients and the number of diagnostic attempts. Rather, it would tie the bottom line for providers with the impact on patients’ overall health. In other words, it makes sure that there is value for the money that people spend on healthcare. This fundamental rule of serving customers was kind of lost on healthcare.
The importance of considering value was highlighted in a famous quote by legendary investor Warren Buffet – “Price is what you pay, and value is what you should get.”
The reasoning behind this is simple. As paying customers, it must be the right of patients to expect improved health in exchange for the money spent. It pushes doctors to deliver the best care possible and involves metrics to measure its quality and decide the Reimbursement based on it. However, it is to be noted that there needs to be a reliable system of acquiring the metrics about improving patients’ health for this method to work. Such a system must consider a person’s health before, during, and after the treatment and make provisions for various diseases.
Not every disease is curable, and some can only be managed, and there is only so much that doctors can do when it comes to terminal ones. In such cases, doctors mustn’t be punished for lack of Reimbursement for patients’ health conditions.
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