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According to a recent OECD (Organisation for Economic Cooperation and Development) report, wasteful healthcare spending is common, and that up to one-fifth of healthcare spending could be placed towards better use. The report goes on to say, “Some patients receive repeated diagnostic tests or services, simply because the information is not shared across providers and that many patients receive overdiagnosis or overtreatment such as imaging for low back pain or headaches, cardiac imaging in low-risk patients, etc.”
The industry now recognizes the need to move towards a value-based care model to provide better patient outcomes, lower costs, and a reduction in wasteful spending.
For example, in 2018, UnitedHealthcare decreased costs through its value-based care platform and has reported better outcomes on 87% of quality measures among its accountable care organizations.
Apart from the critical benefits of driving down costs and improving patient outcomes value-based care can provide the following benefits: