Value Based Payment Models - Essay Example

Value-based payment models involve the inculcation of real-time data as to the healthcare service provided and the qualitative impact upon a patient as administered by the service provider. This paper demystifies the dynamics of this payment model viz a viz the technological aspects related to it. Through critical dissection, the paper aims to, bring out the different advantages and benefits of the system as well as the disadvantages. The essence of improving the healthcare and the demand for it adds weight to the need to fully understand and critique the model to gain a full appreciation of improvement and medical progress.

The topic of value-based payment models is the elite talk of the moment in the healthcare service provision industry. Scholars keep trading ideas as to the meaning of the advent of such systems and the repercussions as well as conveniences caused by it. In a nutshell, this topic is vital for some reasons and benefits that would improve service. The usual fee for service has been the thriving model of payment by patients to service providers and has proven inconvenient. Patients have been made to pay for bulk service that qualitatively hasnt improved their condition or imparted their health (Hillary, Justin, Bharat & Jitendra, 2016). The discussion on value-based payment models is essential in the changing times where the globe heads into sustainable practices.

The globe is moving to a digital space whereby every service wont just be delivered through computer-based information systems but also with a correlation of accurate figures and data. Therefore, the talk on value-based payment models is essential in putting the technological aspect on the spotlight as to the best models and the necessary characteristics that would make the systems a successful informational technology-based model. The global medical trend and general health of the population have been affected by increased infections, diseases and the rise in cancer cases. The medical view to value-based models is an attempt to improve the general health care value in the face of a surge in demand of healthcare service thus to ensure every patient is treated and discharged with utmost care and diligence as to appropriate and adequate medical attention.

Value-based payment models premises upon value-based care and with a real-time interpretation of data on health progress or improvement. There are advantages of the application of the new system that raise the credibility and face value of the use of it. It will improve the quality of health care provided to patients unlike the custom way of just identifying the patients illness and giving prescriptions (Burwell, 2015). This approach would thus require a healthcare service provider to concentrate on the details of administering favorable treatment and healthcare to a patient. The new models have the advantage of cutting medical costs for the healthcare service providers as well as the patients seeking services. With a focus on positive healthcare, the aspects of incisive and accurate prescription and the close monitoring of patients would be taken with great diligence. Consequently, wastage of drugs would be minimized. (Parkinson, Sermet, Clement, Crausaz, Godman, Garner & Elshaug, 2015). In cases where it would be less beneficial for a patient to be hospitalized when it wouldnt bring positive health progress, patients would instead be discharged and monitored from their homes hence a lot of funds and resources are saved.

There are disadvantages of the application of the system as well that are occasioned by the nature of the transaction process. The system is cumbersome for healthcare service providers. The necessity of overall positive value upon a client demands a lot of care from the doctors who would have to ensure that not only do they treat a patient, but also provide that other correlative body and health defections are dealt with to bring about overall positive health (Porter, 2008). A good example is an obese patient that seeks treatment for a cold; the value based system would require the doctor to attend and advise the patient, taking the patient through reduction of weight as well.

The informatics skills were a significant tool in tackling the assignment and looking into the subject with the aim of deciphering the fundamental purpose and objective underlying the main topic. Analytical skills helped to weigh on the value-based payment system on all facets and scale the importance and relevance of the new model. Further research work, demanded analytical abilities to consider the advantages and disadvantages of the model in the ideal healthcare industry. Informatics skills in the realm of project skills provided a wholesome view of the subject hence a flow from the basic understanding of the issue to the point of adjudging the efficacy of the system.

The advent of value-based payment system is being embraced by healthcare services with the aim of attracting clients with interest in medical care and assistance tuned for value basis. Through the analysis of the advantages and disadvantages, the weight of the overarching benefits highlights why this new system is certainly going to be embraced increasingly. There is undoubtedly future in the healthcare service industry with the information technology boost on healthcare service. As such the move by health bodies and institutions to push for the operationalizing of the system thus should be embraced by all healthcare providers.

References

Hillary, W., Justin, G., Bharat, M., & Jitendra, M. (2016). Value based healthcare. Advances in Management

Burwell, S. M. (2015). Setting value-based payment goalsHHS efforts to improve US health care. N Engl J Med

Porter, M. E. (2008). Value-based health care delivery. Annals of surgery

Parkinson, B., Sermet, C., Clement, F., Crausaz, S., Godman, B., Garner, S., & Elshaug, A. G. (2015). Disinvestment and value-based purchasing strategies for pharmaceuticals: an international review. Pharmacoeconomics,