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01. How to Define Value-Based Healthcare

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Value-based healthcare has one goal: to make healthcare more efficient and cost-effective to patients. Instead of paying doctors and healthcare workers for the amount of tests they run and patients they help, professionals receive annual contracts and compensation — removing the incentive to rush and squeeze in as many people as possible at the cost of medical errors.

 

In an interview with the Texas Medical Association, Dr. Ronald S. Walters, an associate vice president of medical operations and informatics at The University of Texas MD Anderson Cancer Center in Houston, says that value-based care means achieving the best outcomes at the lowest cost. 

"You want to provide the best quality product at the lowest price,” Walters says. “Most people want affordable, high-quality health care. And just like other markets, the people who can do that will be the winners.”

In addition, it’s becoming more popular for organizations to opt for a value-based healthcare platform. In just one year, the money spent on value-based healthcare grew by more than 70 percent. Hospitals, specialty practices and regional healthcare organizations are moving toward value-based payment efforts.  

Why is the shift to value-based healthcare is happening?

The days of “fee for service” or volume-based services are nearing an end. Providing value-based healthcare is taking over this traditional model. Especially with the creation of the Affordable Care Act, the increase in individual insurance plans — as opposed to employer-controlled benefits — has also put consumers in a position to evaluate what they're getting out of their premiums. As such, your regional healthcare organization can't continue to use volume-based or cost-based marketing approaches to attract these patients. Instead, value-based strategies can help set you apart from national brands, attract more referrals and grow your revenue.

The challenges of value-based healthcare

Right now, healthcare providers are rewarding good behavior, but not penalizing mistakes. In order to progress a value-based approach, healthcare management professionals like yourself must realize that the strong benefits of this shift outweigh its initial costs. In the end, it will save you money and increase customer satisfaction. Read more of the challenges here.

The benefits of value-based healthcare

A value-based approach allows you to show patients exactly what you're bringing to the table when they walk in for an appointment. They will get a better sense of the work you do and they will be willing to pay more for better outcomes. You may face challenges as you adapt your strategies to this new market reality, but an experienced medical marketing agency can guide your way and keep you on the right path.

 

 
This is first installation of seven blogs that make-up our white paper, Master the Marketing Techniques of Value Based Care. Can't wait until next week to read the second section? 

 

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Vera Fischer

By Vera Fischer

The visionary of 97 Degrees West for more than thirteen years, Vera has served as the CEO and President since 2004. During Vera’s tenure, the agency has achieved steady growth while surviving both economic recessions in Austin, Texas. Vera began her advertising career at GSD&M where she worked on accounts: Krispy Kreme Doughnuts, Houston Rockets, Dollar Rent-A-Car, Pearl Vision, SeaWorld and DoubleTree Hotels. Her next stop was the nationally recognized T3 known as “The Think Tank.” While at T3, Vera spearheaded the Dell Computers launch of the Preferred Accounts Division and lead national projects for the ESL and Enterprise Divisions. Other notable accounts included Quintiles Oncology, Austin Lyric Opera and St. David’s Hospital. In 2001, Vera left the agency world to embark on the client side as Director of Marketing for Forgent Networks, the software spin-off of VTEL video conferencing. Vera managed an annual multi-million dollar marketing budget, developed online lead generation programs, managed the inside sales team and consistently delivered high-quality MQLs to the sales team. In 2004, after a company wide re-org, Vera was laid off while on maternity leave. Within the day, she founded her agency, 97 Degrees West. Vera’s weekly podcast entitled, “System Execution”, launched in mid-2016 with notable guests like Ari Weinzweig, Jeff Smith, Gary Bizzo, Dr. Alan Pitt, and other business and thought leaders. Vera is the first woman to host a podcast devoted to systems and processes of successful companies. She is quickly becoming one of the country’s leading authorities on the topic of execution Vera is a member of the Austin University Area Rotary Club, an advisory board member for the School of Journalism & Mass Communication at Texas State University and a Mentor at Capital Factory in Austin, Texas. Vera is completing her Master’s in Strategic Communications at Texas State University in May 2018.