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Will value-based approach transform American health care? (M. Porter and T. Lee article in Week 1 module).
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In value-based healthcare, the physicians and hospitals are paid or rewarded for the services provided. Means, the healthcare services must be evidence-based that ensure healthy living. The healthcare rewards are more based on the quality of healthcare provided rather than the amount of healthcare provided. The two major determinants of “value-based healthcare” are healthcare outcome and healthcare costs. The benefits of value-based healthcare are given below:

  1. Quality healthcare to the patients
  2. Low health costs
  3. Avoiding unnecessary healthcare costs that are served in the name of “quality care”
  4. A better correlation or alignment between the healthcare outcomes and cost
  5. Stronger control over the healthcare cost
  6. Better overall health

Value-based healthcare helps in improving the healthcare situation in the United States. People who paid higher insurance premium are expecting more healthcare services although some of them are absolutely not needed for the treatment process. At the same time, people who do not have healthcare insurance are facing various problems to receive minimal healthcare. Implementing the value-based healthcare greatly helps to ensure timely quality care as needed, particularly during emergency situations.

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