by | May 6, 2024 | General

Navigating the Shift to Value-Based Care: Investing in the Patient Experience

 

Mallory Magelli McKeown, Customer Success
May 6th

As a graduate student studying health management, I recall reading numerous articles about the current state of healthcare and learning about the key issues that plague our industry. From skyrocketing costs to subpar quality outcomes and unequal access to care, it was clear that the challenges are immense. In the past, healthcare payments from insurers were made only after services were provided to patients, known as a fee-for-service model. However, this model did little to address health outcomes, access to care for vulnerable populations, and increasing healthcare expenditure. It was evident that our traditional healthcare delivery system needed improvement.

 

The Solution: Value-Based Care

 The healthcare industry is witnessing a pivotal shift from the traditional fee-for-service model towards a value-based delivery model. Unlike the traditional fee-for-service, where healthcare providers are paid based on the volume of services rendered, a value-based care model emphasizes the quality of care delivered and its impact on patient outcomes, cost, access to certain services, and the patient experience. Consequently, healthcare organizations are being incentivized to prioritize improving care coordination, providing cost-effective care, and ensuring a superior patient experience.

 

Patient Experience

 With the shift in payment models and other market forces such as changes in consumer behavior and increased competition, healthcare providers can no longer expect patients to be passive stakeholders in their care. Patients now have more choices regarding where and how they want their care and are also more proactive and empowered than ever before. As a result, healthcare providers who focus on the patient experience will gain a competitive advantage over those who don’t.

 

The Beryl Institute, a global community of healthcare professionals and experience champions, defines patient experience as “the sum of all interactions, shaped by an organization’s culture that influence patient perceptions across the continuum of care.” This encompasses every digital and physical touchpoint a patient has with the healthcare system, from scheduling appointments to receiving treatment and follow-up care. Investing in patient experience initiatives involves listening to patients and streamlining operational and clinical processes to ensure a seamless and positive experience for patients at every touchpoint within the care journey.

 

The ROI

 Research on patient experience shows that positive service experiences can lead to higher levels of patient satisfaction, increased patient engagement, and improved health outcomes. In the article titled “Return on Service: The Financial Impact of Patient Experience” by Jason Wolf, Executive Director of The Beryl Institute, he writes that “from the marketing perspective, if you invest in building customer loyalty, it contributes to the bottom line through referrals or repeat business. From the clinical perspective, if you can decrease length of stay or reduce readmissions by providing a positive and quality experience, it impacts the bottom line as a result of greater throughput, reduced expenses or unaffected reimbursements.” Additionally, he uncovers that more satisfied patients are less likely to sue and that hospital profitability tends to increase with overall patient satisfaction. Moreover, satisfied patients are more likely to adhere to treatment plans, follow preventive care guidelines, and recommend the healthcare organization to others. By prioritizing patient experience efforts, healthcare organizations can differentiate themselves in a competitive market and build patient loyalty.

 

The Strategy

 

Data and Analytics:  As the saying goes, if you can measure it you can improve it. Health organizations must leverage data to gain insights into the patient journey, identify areas for improvement, and make informed decisions about how to improve care outcomes and the overall experience. Additionally, advanced data collection will be necessary to report outcomes and metrics for health networks and payors providing incentive payments to value-based care participants.

 

Technology and Innovation:  Advancements in technology create opportunities for health organizations to become more creative, efficient, and effective at delivering care and meeting patient expectations. Forbes in their article titled  “How Technology Is Improving The Patient Experience And Health Outcomes” documents the positive impact technology has on the patient experience and health outcomes. They note that “digital upgrades like electronic prescribing, medical alerts, and clinical flags can further reduce medication errors and measurably improve patient safety.” In all, organizations that want to differentiate themselves from the competition must harness health technology solutions such as electronic health records (EHRs), telehealth platforms, patient portals, and other software to enhance care delivery, patient engagement, and access to services.

 

People: Over the past couple of decades, there has been a significant increase in patient experience roles within healthcare. As a former patient experience manager, I quickly realized that for patient experience initiatives to thrive, it must be a top priority for the entire organization, starting with senior leadership and clinicians. Once senior leaders and clinicians buy in, patient experience efforts have a better chance of being more effective as organizational priorities.  Moreover, educating your staff on the importance of embracing patient experience and implementing best practices ensures that healthcare teams are equipped with the knowledge, skills, and tools necessary to succeed.

 

Continuous Improvement: To ensure a superior patient experience, it’s important to regularly measure and evaluate the processes, initiatives, and programs that aim to improve the overall experience for patients and employees. Engaging with key stakeholders to utilize data and address concerns in a structured, lean, and organized way is imperative. Processes sometimes break down, patient expectations are constantly changing, and new health technologies are always on the horizon.

 

Conclusion

 As healthcare continues the shift towards value-based care, the importance of prioritizing the patient experience must be a priority for healthcare entities that want to survive and thrive. Those that do so will benefit from seeing improved patient outcomes, greater clinical and operational efficiency, and financial stability. Ultimately, the journey towards value-based care is not just about changing payment models; it’s about transforming the way we deliver and experience healthcare to meet the needs of those we serve.

 

 

Citations/References:

 

Ebook – Engaging Your Patients: Pre, During, and Post Encounter


 

About Kwasi Nyantakyi, MHA, Customer Success: Kwasi is a Customer Success Manager at Feedtrail. He is a healthcare professional with 8+ years of healthcare-related experience in various roles including healthcare operations, strategic planning, patient experience, and digital marketing. He holds a Master of Health Administration from Columbia University and a bachelor’s degree in Bioethics from the University of Rochester. In addition to his formal education, Kwasi is also a Certified Digital Marketing Professional and educated in Lean Six Sigma methodologies. Known for his ability to empower health systems and entities, Kwasi specializes in cultivating trusted online reputations, enhancing the patient experience, and optimizing operational processes. Outside of his professional endeavors, Kwasi enjoys spending quality time with his family, often found exploring the outdoors during leisurely walks or training rigorously for upcoming half marathons.