A culture of continuous learning and improvisation, along with support from the highest levels of governance, will be necessary to establish fully value-based care. It is a long journey, but a well-developed VBC system can benefit all stakeholders by keeping the population healthy at lower costs
Value-based healthcare (VBC) is gaining increasing attention. Against the backdrop of rising global health expenditure (11 percent of the global GDP in 2020) and pressure on improving cost-efficiency, VBC offers a patient-centric solution for re-organising healthcare. Simply put, it maximises health outcomes most important to patients while controlling costs. Stakeholders in the health system have different perceptions of value based on their prioritisation of costs and benefits. Understanding the components of a VBC model and its advantages will help align the stakeholders and prepare them for the imminent transition.
[This article has been reproduced with permission from the Indian School of Business, India]