- Patients will not have to spend unnecessarily
As the number of chronic diseases is rising, it becomes difficult to manage such conditions. The value-based healthcare model helps in recovering from initial illness more quickly and avoiding chronic diseases. In this model, doctors ensure that their patients are 100% fit. On the whole, patients spend less money for access to better health.
- Insurance companies/providers achieve efficiencies
As this model focuses on quality rather than quantity, the providers will spend lesser time on chronic disease management. The quality provided to the patient improves with better customer satisfaction. Moreover, providers will not face financial risks that come with capitated payments.
- Suppliers can leverage patient health outcomes
Suppliers will be able to reduce prices and services with a positive patient impact. Also, payers can bundle payments by full care. These payments could make the stakeholders in the healthcare industry match their prices so that the drugs are affordable.
In value-based healthcare models, medical care does not exist in silos. Various departments are integrated and thus it is called a patient-centric model. The transition into this model would be time taking but would greatly improve services in the Indian healthcare sector.