Innovaccer Unveils the Science Behind Value-Based Care in 2020
Innovaccer uncovers insights from more than 3,000 healthcare executives to devise future strategies that providers need to succeed in the value-based care ecosystem
SAN FRANCISCO, January 31, 2020 (Newswire.com) - Innovaccer, Inc., a leading healthcare technology company, released its first-ever in-house survey report describing the revolutionary two-fold strategy for healthcare organizations to succeed in the changing landscape of value-based care in the U.S. The survey report, The Science of Value-Based Care: An Industry View, positions healthcare stakeholders in the current scenario of value-based care. It maps the route from the immediate challenges faced by healthcare organizations to the steps taken to address barriers of clinical and technical inefficiency. The survey and the report were conducted under the guidance of David Nace, MD, Chief Medical Officer at Innovaccer.
It’s been almost a decade since the Patient Protection and Affordable Care Act, also known as The Affordable Care Act, became law. There are ample pieces of evidence that suggest that value-based care will be a boost for healthcare. 75 percent of members of the Healthcare Transformation Task Force (HTTF), an industry consortium to align private and public sector efforts to promote the transformation of the U.S. healthcare system, plan to be aligned under value-based arrangements by the end of the year 2020. To do this, healthcare organizations need strategies to attain clinical excellence, operational excellence and the technology to prepare themselves for the challenges of the next decade.
In order to assist providers, payers, and healthcare leadership in this endeavor, Innovaccer conducted a survey of more than 3,000 healthcare executives to understand their overall perspective regarding value-based care and their current state of readiness. The analytical basis for this report uses 25,000 valid responses from the total data sample collected based on the cumulative responses from 2,900 healthcare executives.
Based on the insights obtained from the respondents, key findings identify that over 45 percent of healthcare executives understand value-based care; however, most of them are still in the pilot phase of their value-based performance or risk-based transition. More than 60 percent of respondents indicated that their healthcare organization had implemented some aspects of population health management, while approximately 25 percent said that they either have not started with a population health management plan or are in the initial phase to pursue this. The report also highlights the current landscape of U.S. healthcare best practices in a clinical approach to addressing the social determinants of health of patients and adopting team-based care delivery. Additionally, the report outlines Innovaccer’s two-fold success strategy to address clinical excellence and technical efficiency.
“Succeeding in value-based care is not guesswork. It is a science,” says David Nace, MD, Chief Medical Officer at Innovaccer and the author of the survey report. “With this survey, it is clear that healthcare organizations are moving towards adopting value-based care, no matter how fast or slow; however, they lack a workable approach to succeed. With this report, we hope to equip them with an effective clinical and technological framework that they can implement to ensure that their patients receive the appropriate care that they need. This framework helps us come closer to delivering patient-centered care.”
The report also highlights Innovaccer’s proprietary value-based levers that enable healthcare organizations to succeed in multiple aspects of care delivery. Innovaccer’s consulting services team has conceptualized 12 value-based levers that identify the top areas of focus for a healthcare organization to achieve success in its journey towards value-based care. These levers address six main dimensions relating to the management of overall healthcare costs: cost and utilization, network, contract, quality, risk, and attribution mix. The report highlights Innovaccer’s ‘Connected Care Framework’ construct that assists organizations in creating unified patient records and enabling care and population health management activities based on the insights obtained. The Connected Care Framework is designed in a manner to empower physicians, leaders, care managers, and patients to achieve clinical and non-clinical goals for better health.
“Healthcare organizations have a lot of insights to offer and these insights can be obtained from within the field itself. Today, healthcare information remains disconnected for consumers, physicians, pharmacies, payers and myriad other care providers,” says Abhinav Shashank, CEO at Innovaccer. “This survey report sheds light on some really important aspects of care delivery and I believe that the two-fold strategy discussed in the report will help healthcare organizations succeed in value-based care.”
Innovaccer is a leading San Francisco-based healthcare technology company committed to making a powerful and enduring difference in the way care is delivered. The company leverages artificial intelligence and analytics to automate routine workflows and reduce manual overhead to facilitate more patient-centered care. Its Gartner and KLAS-recognized products have been deployed all over the U.S. across more than 1,000 locations, enabling more than 25,000 providers to transform care delivery and work collaboratively. Innovaccer's Data Activation Platform has been successfully implemented in healthcare institutions, government organizations, and corporate enterprises including Catholic Health Initiatives, MercyOne, Orlando Health, Hartford Healthcare, and Stratifi Health. By using the connected care framework, Innovaccer has unified 3.8 million patient records and generated more than $400M in savings.
For more information, please visit innovaccer.com.
Source: Innovaccer Inc.