Survey: Value-based purchasing coming but give us a few more years
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"Getting From Volume to Value in Health Care: Balancing Challenges & Opportunities" examines C-suite-level hospital leaders' concerns regarding the move to "value-based purchasing (VPB)," where cost and quality are integral parts of the healthcare equation.
Forbes Insights surveyed 204 hospital executives and conducted in-depth interviews with eight healthcare executives. C-level executives accounted for 133 survey respondents, while the remaining executives held the title of executive vice president, vice president or director. The respondents work for all types of hospitals, with the biggest group from for-profit health systems, followed by community hospitals that are part of a large non-profit health system and independent community hospitals.
Other key findings include the following:
- Nearly four in ten respondents (38 percent) somewhat or completely agreed that VBP is likely to become a truly disruptive innovation. Forty-one percent are watching and waiting, neither agreeing nor disagreeing that disruptive innovation is imminent.
- Although only 12 percent of survey respondents believe that more than a quarter of their revenues will be derived from VBP-based reimbursement within the next three years, looking ahead five years, 39 percent of respondents believe that at least a quarter of their revenues will be derived from VBP.
- Half of respondents said that fully engaging their doctors is the top barrier to VBP participation.
- Two-thirds of executives believed that consumer financial incentives are key to making VBP successful (64 percent). However, 67 percent also thought that consumers won’t know when that success arrives, since they can’t judge the value of medical care accurately.
- When asked about their IT spending priorities for VBP over the next three years, nearly half of respondents chose system integration across all applications (49 percent) and health information exchange (47 percent).
- Asked to choose which three clinical, financial or patient engagement challenges are most important for a successful VBP transition, hospital executives most often picked “effective use of intervention strategies for chronic disease patients” (60 percent). Fifty-five percent chose “improve patient education and engagement.”
The full report is available on the Forbes website.
Beth Walsh,
Editor
Editor Beth earned a bachelor’s degree in journalism and master’s in health communication. She has worked in hospital, academic and publishing settings over the past 20 years. Beth joined TriMed in 2005, as editor of CMIO and Clinical Innovation + Technology. When not covering all things related to health IT, she spends time with her husband and three children.