Value Fundamentals
This core concept in value-based healthcare refers to the outcomes achieved per dollar spent.
What is value?
This traditional model reimburses providers for each individual service or procedure performed.
What is fee-for-service?
These measures assess the results of healthcare interventions from the patient's perspective.
What are patient-reported outcomes?
This economic principle states that as healthcare spending increases, the additional benefit gained decreases.
What is diminishing marginal returns?
This type of care focuses on providing the right care to the right patient at the right time.
What is high-value care?
This model provides a single payment for all services related to a specific episode of care.
What is bundled payment?
This type of measure evaluates the appropriateness and efficiency of care delivery processes.
What are process measures?
This cost-effectiveness metric measures the cost per year of healthy life gained from an intervention.
What is cost per quality-adjusted life year (QALY)?
This term describes medical services that provide little or no benefit to patients, potentially causing harm.
What is low-value care?
In this model, providers are paid a fixed amount per patient for a set period, regardless of services used.
What is capitation?
These measures assess the impact of healthcare interventions on patients' health status.
What are outcome measures?
This analysis compares the relative costs and outcomes of different healthcare interventions.
What is cost-effectiveness analysis?
This approach aims to improve healthcare quality while reducing costs and enhancing the patient experience.
What is the Triple Aim?
This payment approach adjusts reimbursements based on meeting quality and efficiency targets.
What is pay-for-performance?
This term refers to variations in care quality and outcomes that are not explained by medical necessity or patient preferences.
What is unwarranted variation?
This term describes the additional cost required to gain one additional unit of health outcome when comparing two interventions.
What is incremental cost-effectiveness ratio (ICER)?