The U.S. is not alone in its move to value-based healthcare. Stateside, the driver of value-based care is tamping down on rising costs, while in Europe it is being adopted to offset budget constraints. In developing countries, such as India and Indonesia, value-based care principles are applied to improve and expand access to healthcare with limited resources, according to The Economist.
In the race to link outcomes and costs, the U.S. falls in the middle of the pack compared to 25 other countries, according to an assessment conducted by The Economist's Intelligence Unit and commissioned by Medtronic.
To determine how well each of the 25 countries was aligned with the value-based model of care, EIU reviewed literature, secondary research and recommendations from an international advisory panel, and it conducted interviews with industry experts. Countries were evaluated around four main components: enabling policy and institutions for value in healthcare; measuring outcomes and costs; integrated and patient-focused care; and outcomes-based payment approach.
The U.S. scored moderately in all four categories except for measuring outcomes and costs, where it was considered highly aligned to a value-based model of care. The U.S. is roughly on par with progress in Australia and Japan, though each country excels in different components of value-based care.
Leading the pack is Sweden, which ranked as very highly aligned to value-based care overall, followed by the U.K.
Find out more about the study and compare countries here.
More articles on finance:
Chinese billionaire ups stake in CHS for $31.9M
Howard University Hospital swings into the black in FY 2016
Fazzi to create 300 jobs in Ireland with new healthcare services and coding company