November 17, 2023- Value-based care is smarter healthcare that lowers costs and keeps Medicare Advantage members healthier, according to the tenth annual Value-Based Care Report released today from Humana Inc.
The 2023 report shows that Medicare Advantage (MA) patients receiving care under value-based arrangements spent more time with their primary care physician and were more likely to receive preventive care, with fewer hospitalizations. Meanwhile, physicians working under the value-based model are more empowered and better positioned to coordinate care while prioritizing outcomes over the quantity of services.
The Value-based care model (VBC) reimburses clinicians for the quality of care they provide with a focus on preventive care and better patient health outcomes. Clinicians often have smaller patient panels and more time to spend with patients. They are enabled by support teams and other resources to help them coordinate all aspects of care and address their patients’ needs holistically. This clinical model keeps the focus on ensuring patients remain healthy at home and minimizing the need for emergency room visits or hospitalization. In contrast, the traditional fee-for-service model (FFS) reimburses clinicians based on the number of individual services provided to a patient.