1. What is Value Based Healthcare?
Value Based Healthcare, a concept arising from the research of professor Michael Porter, represents a new action framework aimed at restructuring healthcare systems with the objective of providing real value for patients.
It is a new paradigm born from technological progress, scientific innovation and the cultural changes of the patients, which makes it possible to move from traditional medicine based on the quantity of services provided to medicine based on their value.
2. Key elements of Value Based Healthcare
Value Based Healthcare intends to create healthcare focused on:
- Cost savings, with a transformation of medical attention based on its return
- Improving quality, generating value from the medical attention
- Improving results, thanks to tools for obtaining data
- Allowing for comparisons between healthcare professionals, services and hospitals by standardising the measurement of the value provided in the healthcare process
The key elements of Value Based Healthcare are:
- Standardisation: which variables to measure and how to measure them in the healthcare processes for a specific pathology, in order to compare the results obtained per patient, regardless of the hospital or service. The need to adjust the risk depending on the type of patient (age, comorbidities, etc.) to homogenise the value provided to each patient.
- Transparency and competitiveness: Transparency and the reporting of the results obtained by the various healthcare providers will promote an improvement in healthcare processes by promoting competition among them.
- Value for the patient: Creation of standard sets (standardised information to collect for each pathology) aimed at identifying the true value created for the patient.
3. Agents involved in Value Based Healthcare
Value Based Healthcare, a relatively new concept (ICHOM, the institution created by Michael Porter to promote and implement VBH was founded in 2012), is a challenge for everyone involved as it changes their traditional role in the medical attention ecosystem:
- Providers: have the tools to understand how treatments affect quality of life
- Consumers (Healthcare Professionals): choose the most appropriate treatments thanks to these tools
- Pharmaceutical companies: recruit the providers to facilitate the two aforementioned points
- Governments (Public health administration): develop policies that support value-based medical attention
- Patients: benefit from this new model, which improves their quality of life
- Reduces costs: as it incentivises healthcare providers to adopt a focus on proactive, preventive and efficient healthcare
- Reduces medical errors: with more accurate diagnoses, personalised medical prescriptions and personalised monitoring of diseases
- Proactive care: medical attention providers offer proactive care to prevent and treat diseases and keep patients healthier
- Patient satisfaction increases: as medical errors decrease and by rewarding the healthcare organisations that perform best
- Keeps the patients well informed: the full potential of the healthcare information is leveraged thanks to the use of technology
- Promotes healthy habits: with this new model, healthcare service providers obtain rewards by helping their patients improve their health and live healthier lifestyles
5. How do we help you implement a Value Based Healthcare project?
At Quodem, with over 15 years of experience carrying out digital projects in the healthcare sector, we have been involved with the Value Based Healthcare concept from the start, conducting a pioneering project with this new model with ICHOM, the institution created by Michael Porter to promote and implement VBH, among other reasons.
We offer a comprehensive service for implementing a Value Based Healthcare project, covering the following areas:
- Implementation plan: design of the Value Based Healthcare strategy
- Technological solution for implementation and analysis: definition of the necessary technological foundations
- Support and organisation: personal data protection. Compliance with the new General Data Protection Regulation (GDPR)
6. What tools are used to achieve this?
- Data and healthcare computing. One of the key factors in the success of changing the amount of value is the aggregation of data in order to develop metrics centred on the patient which can be used for value indicators
- Digitalisation of the data gathering standards associated with the pathology in question
- Benchmarking, research and tools: the level of detail that the data offer requires a systematic comparison process, new types of research and the development of sophisticated tools to support decision making