Why 2024 is pivotal to embracing value-based care, data integration
Adopting advanced technologies will be crucial as providers navigate the shift to patient-centric care models.
As 2024 unfolds, the healthcare industry is on the cusp of transformative changes. Propelled by technological innovations and the changing needs of patients, there's a noticeable pivot towards care centered on the patient, focusing on outcomes.
This shift heralds a significant overhaul, spotlighting models that are innovative, efficient and tailored to patient needs. Deloitte's recent insights predict a future healthcare landscape dominated by seamlessly interoperable data, consumer-driven initiatives and a preventative, wellness-oriented approach. This environment is ripe for the emergence of key trends to influence healthcare positively.
Risk-based contracts portend VBC adoption
2024 is poised to witness an accelerated transition in healthcare delivery and payment methods via risk-based contracts. Value-based care (VBC), stepping away from the traditional fee-for-service model, emphasizes quality and outcomes over volume. This shift marks another step towards patient-centricity, promoting preventive care and overall wellness.
The anticipated growth of value-based care, potentially doubling from $500 billion to $1 trillion, strongly indicates the healthcare system's trajectory. As 2024 approaches, a blend of contract changes heightened patient engagement and refined financial models suggest a crucial juncture in this evolution.
The statistic that 70 percent of individual Medicare Advantage members in 2022 chose value-based care providers signals a robust move toward this model, reflecting a growing preference for value-oriented healthcare.
Examples like the Banner Health Network and Blue Cross Blue Shield of Massachusetts partnerships illustrate the tangible benefits of risk-based contracts. Such collaborations highlight a collective responsibility for financial and care quality outcomes, setting industry standards for care improvement, efficiency and patient results.
These developments indicate a healthcare landscape evolving towards a system that offers better care and fosters sustainability.
More organizations coding SDOH data
An expected move in population health management will see a doubling of healthcare organizations engaging vendors for efficient social determinants of health (SDOH) data coding. This shift aligns with the health equity goals of initiatives like Healthy People 2030 from the Department of Health and Human Services.
The widespread collection of SDOH data by nearly 80 percent of healthcare organizations underlines the significance of factors like education and housing. Incorporating SDOH-related Z codes within the ICD-10-CM framework will enable the identification of social risks and needs. The Centers for Medicare & Medicaid Services underscores data analysis as a critical tool for enhancing quality and coordination of care.
In 2024, healthcare organizations will likely leverage vendor expertise for comprehensive data analysis and reporting of SDOH, aiding in informed decision-making and capitalizing on value-based care opportunities.
Vendor collaboration also extends to sharing insights with various stakeholders, including social service organizations and health plans. A disparities impact statement will mark a commitment to health equity, reflecting a significant shift in the industry's approach to data-informed healthcare.
Looking forward
Many expect 2024 to be a watershed moment in healthcare, with a clear trend towards an integrated, patient-focused system. This shift is crucial, as it moves healthcare delivery towards prioritizing patient outcomes and comprehensive care.
As McKinsey reports, digital and data capabilities are sculpting the healthcare future, signaling improvements in care delivery and a fundamental reshaping of our approach to health and wellness, leading to a more resilient and effective healthcare system.
Kevin Riley is CEO and president of Zyter|TruCare.