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Value-based purchasing elicits favor, concern among healthcareexecs by ferujkll sdff
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Value-based purchasing elicits favor, concern among healthcareexecs |
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Business,Business News,Business Opportunities
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NEW YORK – Paradigm shifts in the healthcare industry aremore and more common nowadays – their prevalence beingpowered in large part by an explosion in information technology.It"s perhaps no surprise, then, that a Forbes Insights studyreleased Tuesday showed that, among healthcare executives,value-based purchasing (VBP) continues to gain favor overtraditional fee-for-service reimbursement. The Allscripts -sponsored report, which surveyed more than 200 hospital and healthsystem executives, reflects the balancing act that"snecessary to get their organizations from so-called "waythings have always been" to the "way things will be"– without tumbling into a financial chasm because of the"way things are now." Seventy-three percent of the executives surveyed agreed or somewhatagreed that healthcare providers must now begin the transitiontowards VBP, which emphasizes paying for value rather than volume. [See also: Value-Based Benefit Design: Capitalizing on Reform Imperatives .] This type of payment system – soon-to-be ubiquitous amonghealthcare facilities – will only precipitate greater qualityof care, said Michael L. Millenson, president of Health QualityAdvisors, and the author of the report. "What"s mostimpressive about [VBD] is the way hospital executives are preparingfor the future in a very determined way." He added that "no one is rushing into anything, and at thesame time, no one is pretending it"s not going tohappen." Instead, it's simply necessary to prepare for thingsthat are going to happen three to five years down the road.
VPB also brings with it myriad benefits for both the patient andthe healthcare provider said Millenson. First, it encouragesphysicians to improve their practices, as the system measures andmanages value on many different metrics. It gives quantifiableevidence, he continued, and it"s "not just medicalevidence, it"s evidence as in report cards and datatransparency." [See also: Pay-for-performance takes big step forward .] Experts say VBP will also lead to greater transparency. No longerwill hospitals and healthcare providers be able to take refugebehind an institution"s prestigious name. As, with increasingdata transparency, the most renowned names in hospitals could, inreality, yield disappointing outcomes in patient care.
"Some of the biggest names in healthcare may or may not havethe best care," Millenson said, and "that"s goodfor the patient to know, and that"s good for the provider toknow." If weaknesses aren"t acknowledged, there can beno improvement. He cited Cadillac as an example. In the beginning, the car marqueessentially enjoyed a monopoly in the luxury car market,establishing a name for itself. However, competitors emerged, andcustomers realized the brand name wasn"t always indicative ofa quality product; thus fewer people were purchasing the cars.Cadillac, since then, has reformed itself, but it serves as aninsightful example that can be extended to VBP.
If a physician iscompensated for the quality of administered care, and patients aremore aware of the comparative landscape, the physician, proponentssay, will have more incentive to improve if value is lacking. [See also: Pay-for-performance plan gets mixed reaction at congressionalhearing .] Bottom line, Millenson said, is that VBP rewards people who deliverhigh-quality care, which is incentive for people to aim higher andto provide better overall care. With this system, he said,"We can now expect a certain amount of positiveoutcomes." Key findings of the study, titled "Getting From Volume toValue in Health Care: Balance Challenges &Opportunities," included: Disruptive potential of value-based purchasing. Nearly four in 10 respondents (38 percent) completely or somewhatagreed that VBP is likely to become a truly disruptive innovation.
Crucial to win hearts and minds. Fully engaging their doctors was seen by surveyed C-suiteexecutives as the top barrier to VBP participation, selected byhalf of respondents. A warning on consumer-driven health plans. About two-thirds of surveyed executives believed that consumerfinancial incentives are key to making VBP successful (64 percent).However, about the same percentage (67 percent) also thought thatconsumers won"t know when that success arrives, since theycan"t judge the value of medical care accurately.That"s a warning sign for those who believe that thehigh-deductible health insurance arrangements known asconsumer-driven health plans will automatically drive value-basedpurchasing on the part of the patient.
VBP will require seamless communications. Nearly half of respondents chose system integration across allapplications (49 percent) and health information exchange (47 percent) among their top IT spending priorities for VBP overthe next three years. Despite the challenges brought up, executives interviewed ingreater depth shared a common optimism. As Robert Margolis, MD, CEO and managing partner of Torrance,Calif.-based HealthCare Partners, put it: "You manage byhaving a strong vision people believe in, mission and values andlots of communication.". I am Contactors writer, reports some information about component monster cable , gamecube component video.
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