Value-based care technology is a critical component of the shift towards a more patient-centered healthcare system. Rather than traditional fee-for-service models, value-based care focuses on delivering quality care at lower costs, while also improving patient outcomes.
This blog post explains what value-based care technology is, how it transforming healthcare, and how Vim’s solutions are leading the way.
What is Value-Based Care Technology?
Think of value-based care technology as a toolbox designed to help doctors and hospitals provide better healthcare while managing costs.
This toolbox includes different applications and software with unique features that empower providers to succeed in VBC. Some of these technologies include:
Data Analytics and Reporting
- Risk stratification tools identify and categorize patients based on their risk levels to prioritize healthcare interventions.
- Analytics and reporting software analyzing value-based care performance data can help hospitals identify areas for improvement and track progress toward meeting quality measures.
- Predictive analytics tools use historical and real-time data to forecast patient outcomes, helping to anticipate future healthcare needs.
- Quality measure tracking software monitors and reports on value-based care metrics to ensure compliance with standards and improve patient care.
- Care gap identification software identifies and highlights, ensuring that patients receive appropriate and timely healthcare services.
- Financial forecasters analyze financial data to predict future costs and budget needs in healthcare settings.
Telehealth and Remote Care
- Telemedicine tools enable virtual consultations and remote diagnosis between healthcare providers and patients through digital communication technologies.
- Remote patient monitoring systems use wearable devices and other technology to continuously monitor patients’ health data outside of traditional clinical settings, facilitating early intervention and ongoing care.
Patient Management and Engagement
- Chronic disease management tools assist in managing long-term health conditions.
- Medication adherence technologies ensure patients follow their prescribed medication regimens.
- Care coordination assistants help coordinate care among various healthcare providers and services.
- Patient empowerment and engagement tools enable patients to be more involved in their care.
Interoperability Solutions
- Interoperability and data integration platforms facilitate the seamless exchange and integration of health information across different healthcare systems and providers to ensure comprehensive and coordinated patient care.
- Electronic Health Records (EHRs) store and manage patients’ comprehensive health information, including medical history, treatment plans, and diagnostic data, for easy access and sharing among healthcare providers.
- Social Determinants of Health (SDOH) Software analyzes and integrates data on social, economic, and environmental factors to better understand and address their impact on individual and community health outcomes.
- Population health management tools help clinicians understand the health trends of an entire group of patients and point out who might be at risk of different health concerns so doctors can act early.
Clinical and Administrative Support
- Ambient Scribes assist with documenting clinical encounters, often using natural language processing and AI.
- Clinical Co-Pilots aid clinicians in decision-making and clinical workflows.
Why is Technology Important in Value-based Care?
Proper technology is crucial for value-based care (VBC) operations as it empowers providers and administrations to manage the vast amounts of data related to VBC and, consequently, improve care quality and meet VBC criteria.
A robust VBC tech stack supports various functions: it aggregates and analyzes data for actionable insights, facilitates care coordination among teams, and aids in risk stratification by identifying high-risk patients for proactive interventions.
It also helps measure quality metrics, enhances patient engagement, controls costs through increased efficiency, provides decision support, and optimizes workflows by streamlining administrative tasks.
By using the applicable technology to support each of these areas, providers can more effectively implement and succeed in value-based care models.
The Challenges of Value-based Care Technology
While technology is critical in value-based care, there are specific roadblocks that need to be addressed to achieve success:
The Data Puzzle
Imagine trying to solve a jigsaw puzzle where pieces came from several different sets. This is similar to how patient health data is often scattered across different systems.
Piecing this scattered information together to get a complete picture of a patient’s health journey is a major hurdle.
Solution
Invest in technology that can connect data from multiple sources to existing clinical workflows, such as within a provider’s existing EHR, with the ultimate goal of building a virtually integrated healthcare system.
The Cost Factor
Investing in powerful value-based care technology can be expensive. Hospitals and clinics must carefully assess budgets, weigh potential cost savings against upfront investment, and ensure the expected benefits justify the expense.
Solution
If healthcare technology vendors prioritized seamless integration between solutions, technology would be made more financially accessible.
One vision for how this can be done is through an “App Store for Healthcare,” where developers can create innovative solutions that plug into existing EHR infrastructure, and providers can pick and choose the technology that best suits their needs.
Adapting to Change
Healthcare providers have established workflows and routines. Introducing new technology disrupts this by requiring training, adjustment periods, and a willingness to embrace new ways of working. Sometimes, even the best technology isn’t useful if people don’t fully adopt it.
Solution
Emphasize the long-term benefits of making these adjustments, even if the short-term buy-in feels daunting.
By adapting to new technologies like EHRs and point-of-care solutions, providers can maintain many existing workflows while enjoying the benefits of enhanced workflow technologies like Vim.
Protecting What Matters
Sensitive patient health information requires top-tier security. Think of it like a heavily guarded bank vault.
Technology solutions must have robust cybersecurity measures to protect data from any unauthorized access or breaches and maintain patient trust.
Solution
Before purchasing software, ensure that it meets proper security standards. Luckily, most health tech vendors know they must adhere to strict security standards to survive in the market.
At Vim, we are HITRUST and SOC 2 certified, resulting in the highest level of security and assurance in the healthcare industry.
The Fairness Challenge
VBC technology shouldn’t leave anyone behind. Disparities exist in access to technology and healthcare overall, so it is essential to design and implement VBC solutions that prioritize equity and ensure that everyone, regardless of socioeconomic background, can benefit from such advancements.
Solution
Access to healthcare innovation must be democratized. The path to making such a transformation involves solving EHR and workflow integration and enabling easy access to patient data at the point of care.
The Way Forward
The good news is that the widespread push into value-based care drives innovation. As technology matures, data integration will become smoother, costs will decrease, and more user-friendly platforms will encourage more widespread adoption.
How Does Vim’s Value-based Care Technology Help?
Vim stands out as a leader in value-based care technology as we work to democratize access to healthcare innovation and get it in the hands of the providers who work with patients every day.
By seamlessly integrating with EHRs and making actionable patient data available at the point of care, Vim empowers providers to streamline workflows, save time, and improve patient care.
With Vim’s latest innovation, Vim Canvas, we have opened the door to accelerated innovation in healthcare with a first-of-its-kind developer platform where developers can plug their applications into Vim’s existing EHR overlay. With Vim Canvas, the “App Store for Healthcare” vision is on its way to becoming a reality.
Final Words
The success of value-based care rests on the strategic use of technology. By investing in the right tools, healthcare organizations gain the capability to analyze data, streamline workflows, improve outcomes, reduce costs, and remain competitive in the evolving healthcare landscape.
Embracing VBC technology is no longer optional – it’s the roadmap to a future of higher-quality, more equitable healthcare.
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Vim’s point-of-care middleware platform, Vim Connect, surfaces data that drives performance on value-based and risk-sharing operations where provider care teams are already working – within the most popular EHRs.
Vim’s solutions can accelerate a provider’s transition to value-based and risk-sharing operations without ever leaving the EHR with solutions that support high-value referral selections, quality performance, and risk adjustment accuracy.
Vim’s solutions are ideal for MSOs, VBC Enablers, ACOs, and ACO REACH participants. Vim’s provider-friendly and easy-to-deploy software works across diverse EHRs.
