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For the longest time, physician practices have operated on a fee-for-service model that pays for visits, tests and procedures. We’re finally seeing a shift toward more value-based care models that base compensation on the quality of care and a patient’s longevity of health, a shift that I believe is better for all parties involved.
The U.S. Centers for Medicare & Medicaid Services (CMS) has outlined a goal to move all traditional Medicare and most Medicaid beneficiaries into an accountable care relationship by 2030. This will hold physicians and clinicians accountable for the quality of care they provide and mitigate unnecessary costs. This is the essence of value-based care. But making these shifts isn’t easy, considering reimbursement strains, staffing shortages and growing administrative burdens.
How are today’s payment models changing care delivery?
Traditional fee-for-service models still dominate health care; they directly reimburse providers for services like office visits, diagnostic tests and procedures. Recently, however, we’re seeing a shift toward more value-based programs that encourage more efficient use of resources and emphasize high-quality patient outcomes.
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