The Importance of Value-Based Purchasing Programs in Health Care

Ben H.

Ben H.

Jun 10, 20232 min read

0

The Importance of Value-Based Purchasing Programs in Health Care

Strive Health, a healthcare provider, recently received a funding of $166M from CVS Health Ventures and other investors. This news highlights the growing need for quality healthcare services that meet the demands of patients and payers alike. In order to achieve this goal, value-based purchasing programs have become increasingly popular in the healthcare industry. These programs aim to measure success based on the value provided to patients, rather than just the volume of services provided.

One way that value-based purchasing programs measure success is by focusing on patient outcomes. This means that providers are incentivized to focus on improving patient health and well-being, rather than just providing more services. By doing so, providers are able to improve the quality of care they provide, as well as reduce costs and improve patient satisfaction.

Another key aspect of value-based purchasing programs is the use of data to drive decision-making. By collecting and analyzing data on patient outcomes, providers are able to identify areas for improvement and make data-driven decisions about how to allocate resources. This approach allows providers to maximize the impact of their resources, and ensure that they are providing the most effective treatments and services to their patients.

Ultimately, the success of value-based purchasing programs depends on the collaboration between providers and payers. By working together to establish clear goals and incentives, providers and payers can ensure that patients receive high-quality care that is both effective and affordable. This collaborative approach has the potential to transform the healthcare industry, and improve the lives of millions of patients around the world.

In conclusion, the recent funding received by Strive Health from CVS Health Ventures and others highlights the growing importance of value-based purchasing programs in the healthcare industry. By focusing on patient outcomes and using data to drive decision-making, these programs have the potential to transform the way healthcare is delivered and received. With the right collaboration between providers and payers, we can ensure that patients receive the high-quality care they deserve, at a price that is both affordable and sustainable.

Resource:

  1. "Strive Health nabs $166M from CVS Health Ventures, others", https://www.modernhealthcare.com/digital-health/digital-health-cvs-health-ventures-strive-health-chris-riopelle (Glasp)
  2. "Measuring Success in Health Care Value-Based Purchasing Programs", https://www.rand.org/pubs/periodicals/health-quarterly/issues/v4/n3/09.html (Glasp)

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