Results from the third biennial study “Finding the Value: The State of Value-Based Care in 2018” conducted by ORC International show value-based care models are doing what they were designed to do: improve care quality while reducing medical costs. Yet, these results also show payers and providers still have work to do in order to optimize these programs. Included below are the study’s top 10 findings along with related insights on how to push the industry forward.
The trend towards taking a “patient first” approach—coupled with the consolidation of emerging companies in the industry—has increased pressure to bring innovative mobile applications to market more quickly. Wearables are at the top of this list. In fact, SNS Research estimates that by 2020, wearable devices and wearables in Healthcare will represent a market worth $40 Billion with over 240 Million annual unit shipments.
An exciting new category of connected health devices is emerging. It holds promise for disease management, remote care, and precision health. This new category blends two historically distinct worlds: 1) regulated medical devices, and 2) consumer wearables. The powerful combination of these two worlds offers patients and health-conscious consumers new solutions that marry the ease of use and wearability of consumer devices such as FitBit with the accuracy and quality of doctor-prescribed equipment like the Holter Monitor. What this new category of connected health devices enables is the ultimate goal in remote patient monitoring - the ability to offer the same level of medical quality found in hospitals to a patient at home.
The shift toward value-based healthcare means providers are taking a look at their practices and reassessing their priorities. The focus for these providers has shifted to improving the quality of the care they provide and how their care impacts patient outcomes. Most providers already place an emphasis on patient outcomes, but in order to be reimbursed for their Medicare patients, they must also track their efforts and depending on the program they follow, report on metrics such as patient satisfaction, improving care coordination, and other patient behaviors or outcomes.
Every healthcare organization wants to improve the patient experience. Traditional methods of collecting and monitoring patient feedback fall short of providing healthcare leaders the actionable insights necessary to improve patient experience. To overcome the challenges of continuous improvement, industry leaders need better analytics solutions.
Over the last decade, progress toward the Institute for Healthcare Improvement Triple Aim—improved patient outcomes and increased patient satisfaction, with reduced costs—has been driven by the implementation of systems of record and systems of engagement. Systems of record—predominantly electronic health records (EHRs)—capture the data that healthcare organizations need, while systems of engagement such as mobile monitoring tools, planning and scheduling tools, and patient portals transform the data into actionable information.
Technology-driven healthcare innovations are emerging at a rapid pace to address quality initiatives and to support reimbursement models using EHR (electronic healthcare records). The complexity of these changes and new requirements can often appear overwhelming from an IT perspective. The need to consider workflow and clinical outcomes at every step of the way further complicates IT planning in the ambulatory environment. We look at top concerns for compliance and security and how cloud-based models can provide an excellent solution.
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