Question

What is a value-based system (versus our current volume-based system)?

Answer 1

-Value based system is the system in which providers are paid according to the outcome on the other hand

-Volume bases system doesn't consider the outcome but focuses on amount of work done.

-Thus value stands for- improvement in patient condition and volume stands for- Number of patient treated.

- value based system help to reduce the cost of hospitalization as the focus is on quality of care and not on the number of patients treated.

- In volume based system health care providers tend to focus on treating more patients, ordering more investigations, with minimal focus on preventive aspect and quality of care.

- while in value based system providers focus on quality of care rather than quantity, reducing health care cost, preventive aspect are given more importance.

- With value based system providers will give more time to there patient with a goal of early recovery, rather than just increasing the number of patients treated paying minimal attention on their outcome.

Thus value based system is very useful for a quality care and patient satisfaction with reduced health care cost.