May 1, 2024- Value-based care – the concept of delivering coordinated care that enables better patient outcomes and better experiences at a reduced cost – is one the most significant topics in healthcare recently, according to Cardinal Health and Mike Fazio, Director of Value-Based Care and Specialty Solutions for Cardinal Health.
While the phrase value-based care is seemingly everywhere, there are fewer clear-cut explanations of what the concept means for both patients and clinicians. For patients, value-based care involves an entire ecosystem of clinicians across primary and specialty care working together to help keep patients healthy and out of the hospital. This is especially relevant for Medicare beneficiaries ages 65 and older who are likely managing one or more chronic condition.
For providers, value-based care is about moving away from being compensated for care volume (known as fee-for-service) and toward care value. Importantly, value-based care introduces the concept of clinician financial accountability for the quality of care they deliver.