Value-Based Payment Isn’t Coming – It’s Here

hopsital board meeting

Change. Ch-ch-changes…are coming to healthcare. But aren’t they always?

Last November, we covered a few of the healthcare trends to keep an eye out for in 2017, and today, we’re going to dig deeper into three of the changes coming our way.

What’s changing in healthcare?

Value-based payment isn’t coming; it’s here. For a couple of years, healthcare has been moving toward a value-based payment program, but in 2017, we’re there. Thanks to boundless research and studies, value-based care has been proven time and time again to be the best solution for slowing the rise of healthcare costs, while also improving patient outcome and experience.

This will also mean preparing medical students to enter a value-based world. Healthcare physicians and leaders of the future will need to know not only how to provide value-based care, but also how to measure the cost and quality of the care provided.

Patients as consumers. Revenue from credit cards is expected to double in the healthcare industry by 2020. Information like this has healthcare organizations scrambling to install more creative payment systems and operations to better accommodate patient needs and secure their payments—this means implementing the necessary technology to fight off hackers, who are targeting the healthcare system more than ever before.

Additionally, healthcare organizations will be investing in other business models that focus on the patients as consumers. This means establishing processes that are convenient, affordable and transparent, in turn improving patient experience and satisfaction.

New pricing restrictions for biopharma. Prices are expected to continue rising, but thanks to new practices coming their way, the biopharma industry will be experiencing new pricing restrictions. For healthcare organizations, this means building trust by educating and being transparent about rising prices with patients. 

 

For as long as it has been around, the healthcare industry has been changing and adjusting its systems and processes to keep up with changing times. And the changes coming in 2017 are no different. This year’s status quo might be next year’s opportunity for change, and it’s up to healthcare leaders to keep up with changes on the horizon.

Contact us, and discover how we can collaborate with you to develop leaders that will raise the benchmark, leading others to success.