Harnessing Technology for Value-Based Care
Transforming Healthcare Delivery
The traditional fee-for-service model in healthcare has long been criticized for its focus on quantity over quality, which results in fragmented care and skyrocketing costs. Recognizing the need for change, the industry has shifted towards Value-Based Care (VBC), with stakeholders incentivized to prioritize patient outcomes while controlling costs.
According to a 2023 report from insurer Humana, the number of patients receiving care under value-based models has increased by 2.3 million in the last decade.
However, the transition to VBC has been challenging. Concerns around risk and accountability have arisen as healthcare organizations are required to assume more financial responsibility for patient outcomes without adequate information and support systems.
Despite these hurdles, we are at a pivotal moment in U.S. healthcare. With escalating costs and growing demands for improved quality and measurable outcomes, VBC is not just a viable option; it's an imperative. Fortunately, technological advancements offer promising solutions to mitigate risks, align incentives, and facilitate more effective and efficient care delivery.
Healthcare technology relies heavily on data, yet Health Delivery Organizations (HDOs) face the challenge of integrating data from disparate sources. Despite the persistence of siloed information repositories, enterprise data management systems can now consolidate these datasets into unified data lakes, serving as a comprehensive information source for care delivery. By unifying critical data, stakeholders are empowered to pursue Value-Based Care (VBC) initiatives seamlessly across the care continuum.
As we navigate this transformative journey, embracing VBC and leveraging technology will be essential in achieving our collective goal of delivering high-quality care at a sustainable cost.
There are Six key areas where technology is driving the delivery of VBC.
1. Telemedicine:
One notable example of technology's impact on value-based care is the widespread adoption of telemedicine platforms.
Based on the latest stats (Feb 21st, 2023: https://rockhealth.com/insights/consumer-adoption-of-digital-health-in-2022-moving-at-the-speed-of-trust/), Telemedicine reached the 80% adoption mark overall, becoming the preferred channel for prescription care and minor illness.
And 74% of millennials prefer teleconsultations to in-person appointments (GlobalMed_Ebook_WhyTelemedicineWhyNow_Interactive_FINAL)
This shift in the adoption of Telemedicine is a game-changer for VBC.
Telemedicine allows patients to access care remotely, breaking down barriers to access and improving convenience. Telemedicine offers a lifeline, especially in rural or underserved areas, where access to healthcare services may be limited, enabling patients to receive timely care without traveling. During the COVID-19 pandemic, Telemedicine experienced a surge in popularity, demonstrating its effectiveness in delivering quality care while maintaining safety protocols.
2. Artificial Intelligence (AI) and Data Analytics:
Based on a report published in Jan 2024, the overall use of AI in healthcare is now at 86% (source ). With the surge in the use of AI, data has also become very important. It plays a crucial role in value-based care by empowering healthcare providers to make data-driven decisions and identify areas for improvement. AI algorithms can analyze patient data to predict disease progression, identify high-risk patients, and personalize treatment plans. For example, predictive analytics can help identify patients at risk of readmission, allowing providers to intervene proactively and prevent costly hospital stays.
“It is important to ensure that providers are integrally involved in the development and relevance of the application or else it just becomes another tool that is not used or integrated into patient care. Having more tools and data is only useful if it is integrated and made easy for providers to access and use.” — Ann Joo Kim
An emerging trend among health tech companies is using AI-powered medical imaging technologies. Along with this, there are multiple examples of AI helping physicians with decision-making. One such study published at https://doi.org/10.3389/fmed.2022.935080 talks about the Application of Artificial Intelligence in the Diagnosis and Drug Resistance Prediction of Pulmonary Tuberculosis, where they concluded that "AI-based approaches, including deep learning, radiomics, and other conventional machine learning methods applied to TB, provide a self-driven, convenient, and time-saving strategy to improve diagnostic efficiency and accuracy, outperforming radiologists.
3. Wearable Devices and Remote Monitoring Technologies:
The global wearable technology market size is projected to grow from USD 120.54 billion in 2023 to USD 931.31 billion by 2030 (https://www.fortunebusinessinsights.com/wearable-technology-market-106000). Smartwatches, health rings, fitness trackers, and a rapidly growing array of electronically enhanced straps, patches, and other "wearables" can record over 7,500 physiological and behavioral variables(Economist). These have emerged as valuable tools in value-based care initiatives. These devices enable continuous monitoring of patient's vital signs and health metrics, allowing for early detection of health issues and timely intervention. Wearable devices now integrate functionalities to track mental health metrics such as stress levels, mood fluctuations, and sleep patterns. By monitoring these indicators, users can gain valuable insights into their mental well-being, detecting potential patterns that may warrant professional intervention.
In addition, wearable sensors can track patients' activity levels, sleep patterns, and medication adherence, providing valuable insights into their overall health and well-being. Remote patient monitoring devices, such as continuous glucose monitors for diabetic patients or wearable cardiac monitors for those with heart conditions, allow healthcare providers to monitor patient's health in real-time and intervene promptly when necessary.
Another example is The HeartGuide blood pressure monitor, which can store up to 100 readings internally and seamlessly transfer them to the HeartAdvisor mobile app. This app allows users to review, compare, and optimize treatment plans. Additionally, users can store, track, and share their data with their healthcare provider, gaining valuable insights into how their lifestyle choices impact their blood pressure.
These technologies empower patients to actively manage their health, promote preventive care, and reduce the likelihood of costly complications.
4. Blockchain Technology:
We are starting to hear more about blockchain technology's potential applications in healthcare, including managing patient records, tracking drug supply chains, verifying medical personnel credentials, conducting genomic research, securing clinical trial data, and enhancing telemedicine services (https://pixelplex.io/blog/blockchain-use-cases-in-healthcare/).
Blockchain is being explored to enhance the security and interoperability of health data exchange. By creating a decentralized and tamper-proof ledger of healthcare transactions, blockchain can help ensure the integrity and privacy of patient data while facilitating secure data sharing between different healthcare entities.
5. Virtual Reality (VR) and Augmented Reality (AR):
VR simulations and AR apps are used in rehabilitation and mental health interventions. VR simulations can recreate real-life scenarios to help patients overcome phobias or PTSD. At the same time, AR apps provide interactive guidance for physical therapy exercises, enhancing patient engagement and adherence to treatment plans.
In a panel discussion last night, one of my co-panelists mentioned how they successfully used VR with Seniors.
Virtual reality (VR) offers an interactive and user-friendly platform for presenting medical information. It aids patients in comprehending their anatomy, different medical conditions, and potential treatment options. Additionally, VR simulations can replicate medical procedures, giving patients a preview of what to expect before surgery or other medical interventions. This helps with patient engagement and, indirectly, care quality.
New VR-based digital therapeutic companies, such as MyndVR, offer VR therapy offerings for Occupational / Physical / Speech, Behavioral, Cognitive, Reminiscence, and Distraction for Senior Living, Post-Acute Care, Home Care / Aging in Place, Hospice and Palliative Care, Veterans, and Families at Home.
6. Interoperability and Health Information Exchange (HIE) Platforms:
Health Information Exchange (HIE) is crucial for value-based care. HIE facilitates effective care coordination by providing providers comprehensive insights into patient populations and their healthcare requirements. These insights facilitate seamless communication and collaboration among healthcare providers, ensuring patients receive coordinated and integrated care across different settings. Interoperable systems enable the secure exchange of patient data between hospitals, clinics, pharmacies, and other healthcare stakeholders, eliminating duplication of tests and streamlining care delivery.
By embracing these innovations and fostering collaboration between technology developers, healthcare providers, policymakers, and patients, we can unlock technology's full potential to transform healthcare delivery and improve outcomes for individuals and communities worldwide.
Technology drives a paradigm shift in healthcare delivery, enabling value-based care models prioritizing outcomes, efficiency, and patient satisfaction. Recent innovations, from telemedicine platforms to AI-driven analytics and wearable devices, are revolutionizing how healthcare is delivered and experienced. As we continue to harness the power of technology, we can create a more patient-centered, efficient, and sustainable healthcare system for all.
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