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What Technologies Do Providers Need for Value-Based Care Success?
As more healthcare providers get on board with value-based care, they must invest in technologies and resources to ensure success.
Value-based care models incentivize healthcare providers to improve care delivery by tying reimbursement to care quality. While value-based care holds providers more accountable for patient health outcomes, it also affords them the resources and time needed to improve care quality.
As of 2021, nearly 60 percent of healthcare payments stemmed from value-based models, according to the Health Care Payment Learning and Action Network (HCP LAN).
Partnerships and contracts between healthcare stakeholders can kickstart value-based care participation, but providers must invest in technology to succeed in value-based models.
Technology capabilities, ranging from population health platforms to data analytics, are essential for providers to implement value-based and realize the intended outcomes.
Health information exchange
Value-based care success can only occur if payers and providers can access quality data. Health information exchange (HIE) allows healthcare professionals to share patients’ medical information electronically across multiple organizations.
HIE facilitates care coordination—a key aspect of value-based care—by offering providers a complete view of patient populations and their health needs. Sharing electronic patient information can be helpful for providers when their patients receive outside care from specialists, labs, pharmacists, or emergency rooms.
Since patients also typically have access to this data, HIE can improve patient education and outcomes by increasing their involvement in their own care.
HIE needs differ by practice and vary across the state, regional, and national levels. Although it may involve investment in new technology and workflow shifts, joining an HIE will ultimately improve provider access to health data.
Population health management tools
Similar to HIEs, population health management tools can help providers identify patient needs through data collection. Population health refers to the health outcomes within a group of people rather than the health of an individual.
Providers can use population health management tools to aggregate and analyze data to inform decision-making. With a population health platform, healthcare practices can identify high-risk patients and generate targeted interventions. Not only can this improve health outcomes, but it can save patients and providers money by avoiding potentially costly treatment.
Patient engagement technology is a critical part of population health. For example, telehealth services and remote patient monitoring technology can help providers monitor high-risk patients when in-person care is not feasible.
Digital surveys that gather patient-reported information can also assist providers with population health. Investing in digital tools that live in patient portals can increase providers’ knowledge of social determinants of health and other health-related social needs their patients are experiencing.
Furthermore, some patient engagement tools offer insight into patient satisfaction levels, allowing providers to determine if they are successfully meeting patient needs.
Data analytics
With data being such an essential part of value-based care, providers must leverage technology that converts information into actionable insights, like data analytics tools. Data analytics fall into four categories: descriptive, diagnostic, predictive, and prescriptive.
Descriptive analytics describe what has happened and diagnostic analytics focus on why something happened. Predictive analytics share what will likely occur in the future, while prescriptive analytics suggest what should happen to address future events.
In the context of value-based care, providers can use all types of data analytics to improve health outcomes by reducing hospital readmissions, predicting and preventing diseases, and identifying chronic illnesses.
Technology capabilities that provide data integration and risk stratification services can be particularly helpful for providers.
Artificial intelligence & machine learning
Artificial intelligence (AI) and machine learning are behind many data analytics models and are key in identifying patient healthcare needs and concerns. In addition, these tools can help ease administrative burden as providers navigate value-based care models.
Implementing value-based care requires significant staffing as well as technology, which can create barriers for smaller practices.
According to the American Medical Association (AMA), 63 percent of physicians reported symptoms of burnout in 2021. Additionally, healthcare staffing shortages have persisted since the COVID-19 pandemic hit.
Investing in AI tools that manage documentation, charting, scheduling, and decision-making tasks can free up providers and allow them to focus more on patient care. AI can also help automate revenue cycle management tasks, such as billing and coding processes, which may minimize administrative burden associated with value-based care models.
Price transparency technology
Healthcare price transparency enables consumers to identify cost-effective services when they need care, which is a core principle of value-based care. When hospitals and providers comply with price transparency regulations, it increases patients’ ability to receive affordable care.
Price transparency also benefits payers and providers seeking to partner on value-based care initiatives. When both stakeholders are transparent about their costs, they can negotiate better with one another.
Leveraging price transparency tools will ensure provider compliance with federal regulations and improve patients’ healthcare experiences and advance value-based care.
With the healthcare industry continuing to shift to value-based care and payment models, organizations must now consider the resources they need to succeed. While these tools may require substantial investments, they will ensure long-term value-based care success.
