There has been a strong push among physicians in recent years to transition from current, volume-based treatment models to value-based care that incentivizes fewer, more effective treatments. Now, many modern pharmacies are joining the growing number of hospitals, clinics, and private practices embracing the trend. Read on to find out what a value-based pharmacy is and how it can benefit not just patients but also the healthcare system, more generally.
What Is Value-Based Care?
Value-based care is a recently developed healthcare delivery model that involves paying providers based on patient health outcomes. Unlike the traditional fee-for-service and capitated approaches, which involve paying providers based on the number of services delivered, value-based care models incentivize proper treatment provision. In the context of pharmacies, that can mean providing a greater level of patient education and focusing on outcomes, including adherence rates and patient satisfaction. Pharmacists interested in learning more about this healthcare provision model can check out some additional reading online.
The Benefits of Value-Based Care to Pharmacists
Some pharmacists are hesitant to adopt value-based care models because they're afraid it will cost them money. As EmpiRx touts savings from value-based approach to behavioral health therapy management, though, it becomes clear that this doesn't have to be the case. The benefits of value-based care models extend to care providers, including pharmacists.
According to realtimecampaign.com, value-based pharmacies report higher patient satisfaction rates. When patient engagement measures focus on value rather than volume, it becomes clear that pharmacists can and will be rewarded for providing more effective services. Plus, patients who are highly satisfied with the care they receive from their pharmacies are more likely to recommend them to others. This is especially true for those who take advantage of tools such as Docstation.
The Benefits of Value-Based Care to Patients
The benefits of value-based care to patients can be life-changing, especially for those who suffer from chronic health conditions. This model focuses on helping patients recover from illnesses and injuries quickly and avoiding chronic diseases. However, patients who are already taking medications for chronic illnesses can also benefit from lower spending on prescription medications as their health improves.
How Pharmacists Fall Into Broader Value-Based Care Models
One of the many advantages of value-based care models is that they take an integrated approach to provide patient care. Pharmacists will thus be expected to work with clinicians and patients to provide the best possible services. The roles can include:
Reducing cost-based barriers to medication access
Keeping track of safety concerns
Addressing adherence issues and gaps in care
Managing complex medication regimens
Addressing medication errors
Value-Based Care Is the Future
Currently, many pharmacies and healthcare facilities still utilize fee-for-service models of healthcare provision. It will take time for them to make the switch to value-based care systems, but even if the transition is difficult, it's very much necessary. As the healthcare landscape evolves, pharmacies that fail to integrate into value-based care models can expect to see fewer patients and lower profit margins. Those that take the short-term financial hit to make the switch over to a new model for healthcare provision, on the other hand, stand to benefit substantially.
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