3 Steps to Enter the Value-Based Care Space

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Morgan Watson
July 20, 2022

Value-based care (VBC) is quickly becoming the future of healthcare. By 2030, CMS expects 100% of traditional Medicare beneficiaries to be treated by a provider in a value-based care model.

The objective is to improve the quality of patient care based on specific measures, such as lowering the overall cost of care, reducing hospital readmissions, providing additional preventative care services, and more.

However, value-based care can still be complex and overwhelming for many people, especially those lacking a healthcare background. Fortunately, the VBC Exhibit Hall has established itself as a one-stop-shop for value-based care organizations seeking information and vendor solutions.

The #1 Resource for Value-Based Care Solutions

We interviewed Garrett Schmitt, the CEO and Managing Editor of the VBC Exhibit Hall, a nationwide resource and educational hub for value-based care organizations.

Garrett Schmitt and his father have a history of consulting for accountable care organizations (ACOs). It quickly became clear to them that the ACOs they were working with had a lot of needs that could not be met by consulting alone.

When they discovered there were no other alternatives to educate the value-based market, they compiled all of the available solutions and created what is now known as vbcexhibithall.com.

In the initial stages of the platform, the desire was to become a steering committee for ACO executives or a place where they could go to bounce ideas off each other. 

The father-son duo had their expectations set low in the beginning, but, to their surprise, it turned out that a ton of ACO executives from around the country wanted to be involved, despite the voluntary nature.

They realized that there was a common desire throughout ACOs to improve the industry.

Understand the Challenges within Value-Based Care

The problems faced by individuals in value-based care organizations can come from various places and structures, ranging from physician-run facilities, large healthcare systems, teaching hospitals, and more. So, the ultimate goal of the VBC Exhibit Hall was to pull together a multitude of experiences and perspectives. 

With the participation of so many C-suite level ACO leaders, they achieved that goal early on.

There are a few common challenges that value-based care organizations face despite the diversity of their structures and problems. One of these challenges is keeping up with industry trends.

There is always something new coming out of the Centers for Medicare and Medicaid Services (CMS). Garrett advises that the solution is to become more educated and learn all the ins and outs of any new topic that comes to the surface. Thankfully, the VBC Exhibit Hall has anticipated this ongoing challenge, and organizations can refer to their library of materials at any time to stay up-to-date. 

Value-based care organizations also face the challenge of finding solutions for local determinants of health, for example, food deserts, or people not having transportation. However, with the right research and analytics vendor, this can be identified rather easily.

The third challenge Garrett mentions is creating functional digital tools to empower your patients to manage their health on their own. The use of Telehealth, specifically for behavioral and mental health services, is a perfect example of one of these tools.

Stay Aware of the Environment in Which Healthcare Happens

For example, COVID-19 has advanced the use of Telehealth altogether and forced the world to adopt this form of healthcare earlier than anticipated. 

Before COVID-19 began, the technology and desire for Telehealth services were already there, but a lack of willingness, issues with implementation, and the possibility that it wouldn't work as planned were slowing down the process.

A common misconception about Telehealth is that it will take the place of seeing your physician, which is entirely untrue. Garrett explains:

“It is purely a triage methodology. If you have something little where you can see your doctor right away through Telehealth, they can tell you whether you need to come in right away or whether you can wait.” 

Telehealth came into play unexpectedly during the pandemic but has demonstrated its effectiveness for the entire healthcare system.

Consider the Common Success Factors of Value-Based Care

Across the board, committed and coordinated provider relationships have proven to be a success factor in value-based care.

In ACOs, the success of the entire system relies on provider relationships that align with the incentive to further the quadruple aim, which consists of the following:

  • Lowering the cost of care
  • Better patient outcomes
  • Physician satisfaction and engagement
  • Higher quality care

Along with that, another success factor is superior ACO leadership. Leaders of successful ACOs are typically centered around the high-level mission of the quadruple aim as well. Those leaders understand the importance of staying educated.

Luckily, organizations can quickly reference the VBC Exhibit Hall, which is staying in front of what’s happening and adding to their vast archive of reference materials, webinars, articles, and more!

If you are looking for extra guidance on how to succeed in value-based care, Healthjump's recent article: What To Look For In A Value-Based Care Consultant may be of interest to you.

Can’t Know Everything, So Make Sure to Focus

A number of the organizations that the VBC Exhibit Hall collaborates with come from backgrounds outside of healthcare. Since some come from financial institutions or have economic backgrounds, they must learn at least the basics of value-based care and ACOs.

If you are new to the industry, Garrett suggests starting with the definition of ACO to get a sense of what they are and then continue to learn more by diving into topic after topic. He says:

“The secret is you’ll never know everything, right? None of us know everything!” 

Healthjump proudly sponsors VBC Exhibit Hall to support its mission of cutting through all the noise to bring forward the most relevant content and solutions in the marketplace.

Healthjump’s data management platform is designed for adaptability, no matter what changes your value-based care organization faces.

Contact our team of data experts to learn more about what we can do for you!

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