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Acquiring knowledge through advanced analytics on value-based care is a critical success factor in today’s healthcare market. Value-based care aligns diverse interests, including payers, providers, self-funded employers, third-party administrators, brokers, consultants, and patients—value-based care empowers them to deliver, manage, and drive higher patient outcomes while meaningfully managing and decreasing healthcare costs.
A recent study of healthcare consumers found that 62% of respondents were unfamiliar with the term “value-based care” as it relates to their healthcare experience. Yet, the survey also listed lower costs and improved care quality as the highest priority when payers and patients consider insurance plans, indicating that the marketplace already embraces the idea of value-based care.
The pressing, central issue to all of us is that the fee-for-service healthcare model is no match compared with the value contributions gained through the comprehensive and holistic value-based care paradigm. As payers and providers seek models to drive higher-quality and lower costs, value-based care adoption is a credible and sound alternative.