Health information exchanges (HIEs) are well-situated to help healthcare organizations achieve the triple aim of value-based care—improving population health management strategies, providing better care for individuals, and reducing healthcare costs.
Value-based care is a form of reimbursement that ties payments for care delivery to the quality of care provided and rewards providers for efficiency and effectiveness. This form of payment has emerged as an alternative and potential replacement for the fee-for-service reimbursement model, which pays providers for services delivered based on bill charges or annual fee schedules.
Value-based care models center on patient outcomes and how well healthcare providers can improve care quality, compared to the traditional fee-for-service model, which pays providers based on the volume of services they deliver.
While value-based care can improve overall patient outcomes, hospitals assume more risk than traditional fee-for-service models. This increased risk has led many hospitals and health systems to leverage health IT and join HIEs to manage care to maximize the potential for success.