Nearly half of respondents consider incentives to be the most effective accelerator for adopting value-based care.
Just over 25% of healthcare leaders cite a lack of resources as the primary barrier to implementing a value-based care model, according to a Definitive Healthcare survey released Monday morning.
Nearly 20% attribute gaps in interoperability as a sizable impediment, while another 17% cite the unpredictability of revenue streams combined with complex financial risk.
The shift to value-based care from a fee-for-service environment has been a gradual transition for most providers in the healthcare market, as challenges arise from dwindling reimbursement rates and understanding what 'value' is.
Currently, only 56% of hospitals are participating in value-based purchasing models, though Definitive Healthcare points to staffing, compensation, IT support, and software as keys to achieving success.
Nearly half of the respondents consider appropriate provider compensation and incentives to be the most effective accelerators for adopting value-based care.
Healthcare leaders are also drawn to the benefits associated with value-based purchasing, specifically fewer medical errors (48%), reduced costs (28%), and increased patient satisfaction (18%).
"As VBC models continue to evolve, not only are we seeing a new level of care, but also a pressure to drive down costs and an increased focus on preventative care management," Jason Krantz, CEO of Definitive Healthcare, said in a statement.
Beyond incentives for adopting value-based care models, surveyed healthcare leaders also highlighted several other accelerators.
About 19% said that widespread market consolidation is prompting providers to adopt value-based care models, just over 16% cited policy requirements, and around 12% pointed to the rise of risk-sharing models, specifically accountable care organizations (ACO).
Looking ahead, healthcare leaders have an idea of how value-based care will continue to evolve:
- Continued evolution of ACOs and bundled payment models - 31%
- Increased move to mandatory participation instead of voluntary programs - 28%
- More provider benchmarking compared to counterparts - 21%
- Market share achieved through consolidation and partnership opportunities - 18%
Jack O'Brien is the Content Team Lead and Finance Editor at HealthLeaders, an HCPro brand.