Recently, the insurance company Horizon Blue Cross Blue Shield of the State of New Jersey made an announcement that it paid out a large amount of money across several practices as part of a shared-savings initiative – $3 million to be exact. This shared-savings initiative is known as the “Episodes of Care” or “EOC” program. Essentially, this initiative is designed to reward doctors that are taking part in value-based care.
Those that receive the financial rewards are those that achieved the highest level of quality, managed to operate at the most cost-efficient manner possible, and received the highest level of patient satisfaction. The shared-savings initiative works to reduce the costs incurred while optimizing the medical experience for each and every single patient that they service.
One of the main discoveries associated with the shared-savings initiative is that those that received care from a provider that was part of the program were readmitted to the hospital far fewer times than those that received their care from a medical provider that was not part of the program.
For example, in knee surgeries, the readmission rate was 100% less. There was a 37% reduction in readmissions for hip replacement surgery and a 32% reduction rate in C-sections that were considered to be medically unnecessary for the health of the mother and child. These statistics, alone, prove that value-based care is more beneficial than volume-based care.
The recently enacted fee-based or volume-driven healthcare model is considered to be completely ineffective. Not only does it cost more for patients, but, it results in the need for further medical care in nearly all instances.
Value-driven care, on the other hand, is much cheaper for patients and results in fewer pursuits of additional medical care. While the shared-savings initiative has sparked a lot of debate in the medical community and among insurance companies, the fact remains that it is extremely beneficial to medical professionals, health insurance companies, AND patients.
If you would like to take part in a tactic that truly cares for the patient and provides them with what they need – as individuals – and you want to incur fewer costs, you should opt for the shared-savings initiative.
For more information on value-based care and this particular initiative, were here to help. There is a wide array of information that is sure to show you the rewards associated with value-based health care: https://coloradophysicaltherapynetwork.com/
