In its recent insight report The Moment of Truth for Healthcare Spending: How Payment Models can Transform Healthcare Systems the World Economic Forum highlights the significance of patient-centered and value-based care. As healthcare systems worldwide urgently need transformation, health economics are identified as the main driver for an improvement of care quality while keeping the cost at a societal level manageable.
Value is about outcomes that matter most to patients and Patient-Reported Outcome Measures (PROMs) are the instruments to capture this value. Today, monitoring and measuring the patient’s recovery and quality of life along the care pathways is becoming a part of clinical routine.
The World Economic Forum confirms in its new report that only valid and standardized PROMs can serve as a basis for successful VBR approaches and acceptance by all stakeholders.
From silos to holistic care
For too long, the economic incentives valued working – and being paid – in silos and volume-based over cross-sectional collaboration and value-based reimbursement. With more and more governments realizing the potential of value-based healthcare, shift in economic incentive structures play a crucial role.
While healthcare professionals made the case for a shift towards patient-centricity and outcomes for many years, on a system level fee-for-service models (FFS) remain reality. Changing this needs new form of collaboration between payers, providers, patients and technology companies setting an unbiased infrastructure and outcome measurement process. Above all, it needs economic incentives to align all stakeholders around maximizing value for the patient.