The healthcare industry is experiencing its highest levels of competition to date, making the need for differentiation and quality care more crucial than ever. At the root of the current shift in the market is the evolution from volume-based to value-based care. Organizations that are ready to deliver recognizable value are well positioned, while those that are not are falling behind.
Preparing your organization to make the shift from a focus on volume to a focus on value requires change at the strategic, operational and cultural levels. In order to be successful in this important endeavor, here are seven key points to you need to consider:
1. A value-based healthcare organization manages cost through efficiency. Rather than looking for ways to reduce spending, a hospital or health system focused on improving value will control costs by eliminating waste and duplication, creating more effective processes and enhancing their productivity.
2. Narrowing your service offerings does not mean provider lower quality care. The previous trend of adding as many specialties and departments as possible often meant providers served in areas where they did not hold expertise. In order to provide top-quality specialty services, not all healthcare organizations will offer every service. The shift toward value allows hospitals and health systems to concentrate their investments and their time to identify the best ways to provide care to their community.
3. Positive patient outcomes are less expensive. Preventative care and proactive management of on-going health conditions are key aspects in improving the overall health of the general patient population. Helping patients become and remain healthier will improve the lives of the patients, as well as benefit the national economy.
Today’s value-based care delivery framework dictates that provider organization’s strategic plan focuses on care delivery integration and information technology in to be successful. These aspects are focused on improving the quality of care across the continuum and enhancing both the patient experience and outcomes. Beginning your efforts in these five areas will get your organization on the right path:
4. Improve patient engagement. Patients are in the driver’s seat like never before and they require communication, relevant content and easy access to care in order to remain engaged. Today, forward-thinking provider organizations are providing patient portals, online access to physician’s notes and online patient communities to help patients grow their understanding of the healthcare process and their services.
5. Provide integrated care. As the patient population becomes better educated, they will increase their demand for improved treatment plans. Patients are now considering healthcare methods outside the sphere of typical western medicine and they want those services and complimentary treatments to be included in their overall care plans with their providers. This requires providers to have open lines of communications across the continuum of care and within the community.
6. Understand your market. Healthcare has never had such strong competition within the industry and individual organizations are working hard to differentiate themselves. In order to succeed, it is crucial to understand the needs and wants of the patient population and to have knowledge of what your
competition is planning. This requires soliciting feedback from patients and community leaders, while also monitoring the changes and marketing strategies employed by competitors.
7. Maintain a future-focus. While it is valuable to understand what patients need today, looking forward will help your organization identify what your patients will value in the future. Providers and administrators should pay attention to trends and shifts in patient feedback, while dedicating time and resources to learn more about what patient needs have yet to be met. This effort will lead to improved patient engagement and offer opportunities for service line and volume growth.
In order to successfully institute and manage a value-based culture, you must have the right leaders in place. Executives need to have an understanding of future challenges and have the skills to lead large-scale change. To learn more about building a strategic leadership team for your value-based organization, connect with the experts at Cejka Search here.