Value-Based Payments vs Fee-For-Service
Traditionally, doctors and hospitals billed their patients according to a standard fee-for-service structure. According to this method, doctors were able to charge their patients for services any rendered, such as the tests they ordered and the number of visits they had with each patient. The actual benefits each patient received were not factored into the charges for the services rendered.
Under the value-based payment structure, on the other hand, doctors are compensated based on the quality of care they actually deliver to their patients. Instead of billing for the number of visits, physicians can only bill their patients in proportion to the benefits the patients get from the care they received. (Keep in mind, of course, this is a very general summation of the process.)
This is an interesting switch for the healthcare industry, because (unlike many other major shifts) hospitals are not specifically required to switch to value-based payment methods. However, more and more hospitals are making the transition, and patients (for the most part) are very enthusiastic about this new payment structure. While his patients' well-being should be every doctor's primary concern, many individuals are concerned that this is not always the case. These patients believe that since the value-based payment methods mean that doctors are only paid for the quality of care they deliver, they will be more focused on taking great care of their patients.
Because of this overwhelming patient support, many independent physicians who tried to adhere to the fee-for-service structure are losing their clientele base and being forced to instead join large hospitals and healthcare systems. Consequently, major hospitals are experiencing growing pains in addition to the general challenges associated with adjusting to a new payment structure.
THC Can Help With This Transition!
In order for your hospital to successfully survive the switch over to value-based payment methods, you will need to find and recruit top-quality physicians who will be genuinely dedicated to your patients' success. As the best medical recruiting company in the U.S., The Hire Connection has the experience you need to find these candidates! Contact us when you are ready to get started.
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