A combination of comprehensive data, sophisticated analysis and rigorous modeling are essential to unlocking the potential of value-based care. Yet without a culture of information sharing and the unification of individual datasets, healthcare organizations will be limited in how they can most effectively develop an equitable framework to allocate risks and rewards among participants.
Building a data ecosystem beyond KPIs
The data necessary to support value-based care is ultimately a function of how it is defined.
In the 13 years since the passage of the Affordable Care Act, healthcare organizations and other stakeholders have recognized that tracking key performance indicators such as readmission rates, average length of stay and patient satisfaction are insufficient to realize the full potential of a patient-centered care experience.
As value-based care models mature, measurements have expanded to include the social determinants of health and other issues that providers and payers must consider if they are to treat patients holistically. This includes the availability of transportation, family assistive services, affordable housing and other factors that provide a foundation for population health.
This progress is encouraging, but the industry still has a long way to go. Clinical and financial metrics are just one lens to assess the success in delivering value-based care, and even medical, demographic and economic data is insufficient. More granular, incisive data on the healthcare industry itself is required to fully assess how much progress the industry is making in delivering value-based care.