Question

In a couple of paragraphs explain Value based reimbursement ...How does the Value based future reimbursement methodology pertinent to the hospital setting?

Answer 1

Value based reimbursement is a reimbursement program given compared with the value or the quality of the services provided. It is a process in which the reimbursement takes place in consonance with the quality of the services provided.

Previously, it was a reimbursement based only on the service provided. But, now a days, at the growing concern and also suggestion provided by the several agencies, the reimbursement has been linked with the performance of the service. The better the service the higher will be the reimbursement.

So, it is different from the traditional ways in which the reimbursement takes place when the service is provided but in these days, it is linked with the value or the quality of the service provided. It has shifted from quantity to quality.

I think in the hospital industry, it is good to implement this. As the hospital charges the heavy fees and patience becoming disease free is doubtful. They also charges some additional cost like doctor's visit, ambience cost etc. Medicine prices are also on the higher side. The hospitals have come with the premium plan where they give the facility and charges very high. They are like robbers in the modern world. For the poor, it is very difficult to go in these hospitals. So, the value based reimbursement will definitely improve these conditions or the malpractices in the hospitals.