Q.1 (Please watch the video and write about the videos as well)
Assess how value-based reimbursement programs reward medical providers for quality care delivered to Medicare beneficiaries.
Sharing an important video on value-based reimbursement Paving the Way for Value-Based Reimbursement
https://www.youtube.com/watch?v=KXecsdrQ-YILinks to an external site.
Q.2 Write a reply for this discussion
Value-based care is a form of reimbursement that combines payments for delivered care to the quality of care provided and the outcomes and rewards providers for efficiency and effectiveness. Evidence of reducing hospital readmissions, improving preventative care, etc., could be examples of the quality of care. In addition, value-based care programs decrease costs. Data also drive value-based care so providers can track and report patient improvement, hospital readmissions, adverse events, population health, patient engagement, etc.
Value-based Reimbursement care aims to improve overall patient care. These programs reward healthcare systems with incentives such as licensure, social and financial for delivering high-quality care to Medicare patients. Also, Medicare pays these physicians a 5% higher rate than physicians that do not participate in this type of reimbursement plan.
Medicare Physician Participation Options | AAFP. (2022). Retrieved May 21, 2023, from https://www.aafp.org/family-physician/practice-and-career/getting-paid/medicare-options.html.
Q.3 Write a reply for this discussion
Professor, thank you for sharing this video. I really learned a lot from Michael Porter on the need for value-based Healthcare. I was intrigued by his statement about how competition allows for growth and development, but our current system does not allow for that in healthcare. He went on to state that the cost-driven focus has left many physicians feeling disengaged and worrying about costs beyond their skill set. By switching to value-based outcomes as a driver, when you are forced to report those outcomes, the process of improvement will take off. I especially loved his statement that even though insurance varies greatly throughout the world, the problems of delivery are universal.
He cited the following as barriers to value-based outcomes:
• Changing the mindset
• Critical lack of value data
• critical lack of cost understanding
• and misalignment of stakeholders.
I was taken aback a bit in one of his closing comments that without value thinking, we will deal with the exploding costs of healthcare in a brutally ineffective way.
