According to the report, physicians enrolled in the insurer’s value-based reimbursement programs saw a 15.6 percent decrease in medical costs for Medicare Advantage patients compared to Medicare fee-for-service patients. ![]() Humana-a Kentucky-based health insurance company-also reported in 2017 that value-based programs were, in some cases, responsible for lowering care costs. More than that, 28.4 percent of healthcare leaders polled see the cost benefits of value-based programs-agreeing that a proactive, preventative approach to patient wellness can help manage population health needs and reduce overall care costs. In August 2019, Definitive Healthcare polled 1,090 healthcare leaders across the provider, life sciences, IT, financial services, staffing, and consulting verticals to assess the value-based care landscape in 2019 and beyond.Īlmost half of respondents, or 48 percent, agree that a value-based approach results in better care outcomes and fewer medical errors than other high-volume, fee-for-service models. The question now is: are patients getting better, and is it costing less? Value-based care as a population health solution But this fact only highlights what we already know.įor the past several years, alternative payment models-like value-based care reimbursement-have increasingly replaced traditional, fee-for-service models. Even now, their efforts have already demonstrated significant progress toward industry-wide value-based payment adoption. The task force still aspires to reach its 75 percent participation goal by the end of this year. The HTTF released a progress report at the end of 2018 announcing that its provider and payer members had shifted over half, or 52 percent, of their member businesses to a value-based payment model-up from just 30 percent of participating businesses reported in 2015. ![]() With this goal in mind, the task force made it their mission to see 75 percent of their respective businesses successfully engaged in value-based payment arrangements by 2020. healthcare industry’s transition to a value-based model. Six years ago, a private coalition of providers, payers, and purchasers established the Healthcare Transformation Task Force (HTTF) with one objective: to accelerate the U.S.
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