Harnessing Value-Based Medicine to Improve Healthcare Efficiency: A Tech Perspective

By João L. Carapinha

October 9, 2023

Value-based medicine, or VBM, is changing healthcare management worldwide by introducing innovative methods to reduce costs and enhance patients’ health.

VBM aims to optimise medical treatments by considering their clinical, social, and financial outcomes, rather than merely reducing costs. One area where the impact of VBM can be observed is in the care of individuals who have suffered from a stroke.

The increasing prevalence of elderly and people with chronic diseases places more strain on healthcare infrastructure. With the increasing affordability of computers and cell phones thanks to technological advancements and economies of scale, it is surprising that the same cannot be said for healthcare. Over the last 20 years, the industry has only experienced a 6% increase in revenue. This is due to skyrocketing prices and poor efficiency, which makes predicting results difficult in the face of rising demand.

Because VBM understands the value of medical care based on how likely it is to make a patient healthier, it removes this waste. It ensures that improving outcomes for patients is ahead of cutting costs. This focus on the patient has led to several global trends, such as:

1. The establishment of policies for value-based pricing and reimbursement.
2. The creation of patient-centric outcomes.
3. The promotion of data-driven operations in healthcare.
4. The rise of artificial intelligence and big data.
5. The shift towards value-based procurement and research.

Due to the need for quick diagnosis and intense long-term rehabilitation after a stroke, a healthcare IT boom has occurred. This has resulted in improved patient management by speeding up communication between healthcare providers. Furthermore, the use of artificial intelligence and large amounts of data could greatly benefit neuroimaging and the assessment of risk.

Despite its excellent results, critics of value-based medicine argue that it can replace trust in doctors with accountability and devalue the caring aspect of healthcare. But medicine’s long-term survival depends on how scientifically sound it becomes.

VBM represents a major shift in healthcare. It solves the problem of low efficiency and rewards patients for sharing their medical data. The future of healthcare delivery depends on providers being able to accurately determine the value of each disease and set up networks that maintain the flow of value.

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