The Value Project aims to help guide the transition from a volume-based to a value-based healthcare system. The Project’s first report, “Value in Health Care: Current State and Future Directions” includes the following key findings:
- Thirty-five percent of organizations have begun investing in population health management or are planning to within the next two years.
- Twenty-seven percent of organizations involve physician leaders in resource allocation and decision making.
The report also includes the following recommendations for health systems:
- Organize efforts around driving value for purchasers of care by improving the quality of care while reducing the amount paid for care.
- Develop four key capabilities of value
- People and culture –— Create a culture of collaboration, creativity and accountability.
- Business intelligence — Collect, analyze and connect accurate quality and financial data to support organizational decision making.
- Performance improvement — Use data to reduce variability in clinical processes and improve the delivery, cost effectiveness, and outcomes of care.
- Contract and risk management — Develop and manage effective care networks and predict and manage different forms of patient-related risk.
- Communicate value to purchasers by developing a system of key value metrics that provide meaningful and comparable information
Read the report on the HFMA Value Project.
Related Articles on Value-Based Purchasing:
What Value-Based Purchasing Will Mean for Hospitals, Other Providers
5 Ways Value-Based Purchasing Relates to ACOs
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