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 1. Home
 2. HealthEdge Blog
 3. The Power of Accurate and Timely Data in Advancing Value-Based Care


THE POWER OF ACCURATE AND TIMELY DATA IN ADVANCING VALUE-BASED CARE

Published Date June 29, 2023 Author HealthEdge


 * 
 * 
 * 
 * 

In the realm of healthcare, the transition to value-based care has become a
crucial goal for both payers and providers. Value-based care focuses on
improving patient outcomes while reducing costs, shifting away from traditional
fee-for-service models. To effectively evaluate performance in value-based care
arrangements, access to accurate and timely data is essential.

Even though payers possess a wealth of data that can provide valuable insights
into healthcare outcomes and costs, the sheer volume of data can be
overwhelming. Payers often struggle to extract meaningful insights due to the
terabytes of siloed data they collect across their enterprise and outdated
analytics solutions that cannot handle the complexities of performance-based
arrangements.

Bridging the Data Gap

While the management and reporting of data for traditional measures have made
progress, value-based contracting presents unique challenges. Value-based
contracts are often complex and vary in nature, requiring customized
infrastructure and data management systems.

Modern technology solutions, like those provided by HealthEdge, are designed to
handle diverse data types, such as fee-for-service and value-based data, and
they can help payers more effectively evaluate their performance across measures
such as Healthcare Effectiveness Data and Information Set (HEDIS) and STAR
ratings. HealthEdge solutions enable accurate pricing, continuous performance
comparison between providers, and transparent reporting to establish a balanced
and collaborative relationship between payers and providers.

One of the significant barriers to effective value-based care is the asymmetry
of information between payers and providers. Payers often have access to
extensive data that providers lack, which can create a sense of uncertainty and
fear among providers during contract negotiations.

To foster trust and encourage provider participation in value-based contracts,
the flow of information must be balanced. Miscommunication and roadblocks can
hinder effective collaboration and limit the progress of value-based care
initiatives. Providers may view value-based care as a potential financial risk,
which creates resistance and a perception of being taken advantage of. The
accurate and timely flow of data supports the development of mutually beneficial
relationships and an open dialog.

Payers need to provide transparent insights to providers regarding their
performance, patient gaps in care, and financial implications. By doing so,
providers can make informed decisions and actively engage in collaborative
efforts to improve patient outcomes and confidently pursue value-based care
reimbursement plans.

Creating Transparent and Sustainable Arrangements

To overcome the challenges and facilitate the advancement of value-based care,
payers and providers must come together to create transparent and sustainable
arrangements. This involves fostering an environment of trust, open
communication, and shared goals that come by leveraging accurate and timely
data.

By embracing accurate and timely data, payers and providers can work together to
improve health outcomes, enhance cost containment, and deliver positive member
experiences – all common goals of the healthcare industry’s push towards a
value-driven future.

To learn more about how your organization can better leverage data to advance
value-based care arrangements with providers, visit www.healthedge.com.

 


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