Organizations across the healthcare continuum, from life sciences companies to care providers, must work together to ensure medical innovation evolves side-by-side with value-based care models, according to a new study from Deloitte.
The Deloitte Center for Health Solutions and the Network for Excellence in Health Innovation brought together 21 leaders across the healthcare spectrum to discuss the implications of value-based care on innovation efforts in patient care.
"In this era of healthcare reform, it's important for providers, insurers and others in the industry to recognize that things like performance measures and financial incentives may limit innovative care — and how to identify and work around those obstacles," said Mary Cumins, a principal in Deloitte's life sciences and healthcare practice and the report's co-author.
The report proposed four solutions to mitigate any potential negative effects of value-based care efforts on medical innovation.
1. The adoption of a broader set of quality measures. To promote innovation under value-based care models, clinical quality measures should be tied to long-term clinical outcomes in new payment models.
2. Improved data availability, transparency and integration. Payers, providers, pharmaceutical companies and medical technology developers would benefit from pursuing greater data-sharing partnerships to encourage innovation efforts under value-based care.
3. Redefinition and identification of unmet and under-met needs. Life sciences companies should consider acting as partners in care delivery with providers and payers, rather than suppliers and producers. By integrating products and services with provider needs, tech companies will promote evolution in clinical processes and patient outcomes.
4. Shared financial risk between life sciences companies and their product purchasers. As value-based care models evolve, healthcare technology companies should consider adopting value-based purchasing agreements with both health plans and providers to encourage innovation through shared financial incentives.
More articles on revenue cycle management:
Evolent Health launches provider-led platform for value-based contracts, provider health plans
Hospital hosts gala event to fundraise for patient-centered care initiatives
LaSalle Network helps healthcare clients recruit for a new kind of revenue cycle leader