The standard healthcare has a fee-for-service model where the patient is turned towards the most costly drug. It is a simple concept that an expensive drug will provide the best outcome. It is clearly understood that the patients spending power defines the quality of healthcare they can afford. This traditional model needs a makeover. Today’s technological advancements have opened up new perspectives for providers into what determines clinical value.
The average patient is unaware of any other service model other than fee-for-service. The hospitals and the healthcare institutions must actively engage with patients to help them better understand the real cost of care. This process will turn patients into knowledgeable and confident individuals and encourage them to converse with their providers throughout their health journey. To achieve this, the dialogue between data, technology, and patients need to change. Below are the ways providers can engage in a value-driven dialogue with the patient.
Presenting Health’s Long-Term Benefits
U.S spends 17. 8 percent of their GDP on the healthcare industry which is far higher than any other developed country. Despite this fact, Americans have a lower life expectancy, higher infant mortality rate, and higher incidences of chronic illnesses. Patients sacrifice long-term health investment for saving short-term costs and face the consequences in the future. Moreover, patients associate expensive healthcare services with quality healthcare services without exploring other options. Providers must educate patients regarding the lifelong benefits of investment in healthcare and encourage continued assessment. By reframing the responsibility of their health, a patient must realize the importance of healthcare according to their budget and health.
Big data and advanced analytics tools have the potential to predict the outcome of chronic diseases. Many providers are accessing data shared within their care networks and patient wearables. Consumer-generated data is used in patient interactions. New technologies are needed to drive insights from heaps of data. Based on the data gathered, combined and analyzed from variety of sources, healthcare service providers can demonstrate the relativity between a healthcare innovation and its cost.
Action Based on Data
Data is valuable but mere presence of data is not enough. Utilizing the data to help patients make healthier and more informed choices is ideal. Data may be consumer-generated, environmental, and medical. However, it should help patients understand their decisions. For example, texting the patient has shown to improvement in medication adherence rates in chronic patients. As the value-driven care gains momentum in the healthcare industry, doctors and healthcare service providers must put some effort into changing the patient philosophy.