Measuring the Success of Value-Based Care Services
As value-based care (VBC) and different variations and combinations of payment models continue to evolve, providers are confronted with the need for new expertise and capabilities. Not only do organizations need to measure and affect clinical care, they also have to manage various forms of risk-based contracts, payment programs, and even PSHPs. At the same time, these healthcare leaders are responsible for producing measurable results.
In this new and evolving market with uncertain and changing governmental requirements, providers are not the only ones learning the ropes. Clients have noted with tolerance that VBC firms are growing alongside them in many engagements. As providers report on their experiences, they highlight the key strengths that make an impact on the quality of their engagements with VBC firms. Providers appreciate strong leadership ability and resources; superior market knowledge; concrete, actionable road maps; and effective listening and communication.
Firms that offer VBC consulting and managed services will continue to assist many providers in delivering healthcare in a brand-new fashion, one that encompasses an overwhelming number of areas to transform and execute on. As such, firms are developing broad competencies over a scope of services that are both diverse and frequently individualized to each provider organization.
As providers enlist these firms to provide consulting or managed services to help them make the transition to VBC, the impact of the engagements can be measured in provider progress toward the three concrete goals of the Triple Aim. In an effort to measure impact on these key areas, KLAS asked providers to rate firms on their ability to impact three areas: improving the patient experience, improving the health of populations, and reducing healthcare delivery costs.
When partnering with firms to support their VBC transformation, providers need to feel confident in their progress toward the Triple Aim objectives. 100% of Advisory Board clients report a high impact across these objectives, citing Advisory Board's proven reputation for physician engagement and building CINs. Lumeris helps providers reimagine patient care by building a complete patient profile. Valence Health empowers clients to operationalize clinical integration and provider-sponsored health plans. Premier's collaboratives model connects providers to a community through which they can facilitate and build VBC programs.
According to the providers we spoke to, some vendors are closer than others to delivering the value and improved outcomes providers need to survive the transformation to value-based care. To see which vendors are closest, please read KLAS' first ever value-based care services report.