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The focus of modern-day health care institutions is quickly evolving to prioritize the idea of value-based care, with the demand for this model anticipated to grow at a compound annual growth rate of 6.3% between 2024 and 2032. At the heart of this change is the understanding that patients require not just health care but high-quality service at a reasonable cost. Under this model, hospitals and other health care institutions are rewarded for improving patient health rather than focusing on the quantity of services they deliver. Offering an alternative to the traditional fee-for-service model, which rewards providers for the number of services provided, this model emphasizes the quality of service instead.
While moving to a value-based health care system sounds like a no-brainer on paper, the transition can be challenging for health care organizations — especially when it comes to managing costs associated with such a switch. This is where artificial intelligence (AI) and big data come into play. By harnessing the power of cutting-edge technologies, AI-driven systems are helping make value-based care models more accessible. They can enhance diagnostic accuracy and streamline operations, ultimately improving the quality of care, all while keeping treatment costs in check.