Value-based care models are gaining traction in the field of oncology and are a necessary part of providing quality care. The goal of value-based care models is to weigh patient outcomes against the cost of the care they receive. Using this approach in oncology helps ensure that patients receive the best possible outcomes for the money they spend. Oncology providers must track and measure value-based outcomes to ensure they provide the best possible treatment for their patients. This includes tracking the clinical outcomes, such as how well the patient’s cancer is responding to the treatment, as well as the economic outcomes, such as how much the patient spent on the care they received.
What Is Value-based Care?
Value-based care refers to a type of reimbursement that allows payments for the delivery of care to be tied to the level of care that’s provided. The providers are then rewarded based on the effectiveness and efficiency of care. This type of reimbursement is considered a replacement for fee-for-service payments, which involve providers being paid for the services they delivered based on annual fee schedules or bill charges.
While the traditional payment model focuses on the number of services that are provided, value-based care aims to provide individuals with better care and lower healthcare costs. All value-based care models have patient outcomes as the main focal point. These models also aim to improve the quality of care by enhancing preventative care, using health IT, and lowering hospital readmission numbers.
Benefits of Tracking Value-Based Care Metrics
Value-based care metrics allow oncology practices to measure and monitor the quality of care they provide to their patients. By tracking data-based performance, oncology practices can better assess how they’re doing regarding patient safety, clinical outcomes, health outcomes, and cost-effectiveness.
1. Patient Service Opportunities
Tracking care metrics also provides oncology practices with a way to identify opportunities to improve the patient experience. For instance, it can reveal potential areas of improvement, such as opportunities to provide additional patient support services or even help streamline the referral process. This allows oncology practices to make data-informed changes to improve patient outcomes, reduce costs, and improve the overall quality of care.
2. Improved Clinical Outcomes
Additionally, tracking value-based care metrics can help oncology practices better understand their patient’s needs and preferences. This can lead to better patient engagement and satisfaction, ultimately improving clinical outcomes.
3. Performance Tracking and Benchmarking
Finally, tracking value-based care metrics is important for oncology practices because it allows them to track their performance against their peers in terms of cost and quality. This can help oncology practices identify areas where they can improve and areas where they are already performing well. This information can help oncology practices develop strategies to improve patient care.
How To Track Value-Based Outcomes
To track value-based outcomes, it is important to have a clear understanding of the goals of the healthcare organization and the expected outcomes. For example, if the goal is to provide the best possible care for a particular cancer diagnosis, then it is important to track the clinical outcomes of each patient’s care, such as the response to treatment, the side effects, and the overall quality of life. Additionally, it is important to track the economic outcomes, such as the cost of the treatments, the cost of follow-up care, and the overall cost of care for the patient.
Once the goals and expected outcomes are established, the next step is to create a system to track and measure the outcomes. This can be done through the use of data collection and analysis tools, such as surveys and other forms of patient feedback. Additionally, it is important to create a system for tracking the cost of care for each patient. This can be done through the use of financial tracking software or other forms of financial tracking.
Once the data has been collected and analyzed, it is important to review the outcomes to determine if the healthcare organization’s goals have been met. If the outcomes are not in line with the healthcare organization’s goals, then it is important to make changes to the care model to ensure that the outcomes align with the goals.
Improve Your Value-Based Outcomes with Verdi Oncology
Tracking value-based outcomes is an important part of providing quality oncological care. By establishing clear goals and tracking care outcomes, oncology providers can ensure that they provide the best possible care for their patients and that the outcomes align with the healthcare organization’s goals. This ensures that oncology providers provide the best possible care for their patients and that the outcomes align with the healthcare organization’s goals.
At Verdi Oncology, we help community-based oncology practices track and improve their value-based outcomes with our comprehensive suite of tools and services. Our innovative and user-friendly platform allows you to monitor patient progression, optimize care pathways, and measure performance against benchmarks.
Contact us today to learn how Verdi Oncology can help your oncology practice achieve better clinical and economic outcomes.