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Value-based care (VBC) is an important topic for today’s senior living providers — but why? What is it, how does it impact you and why implement it now?
We’re pleased to sponsor a brand-new white paper, published by Argentum, that delves into all of the above. Keep reading for a highlight of the informative resource (featuring insights from our director of health care solutions and VBC expert, Fil Southerland).
What is value-based care?
Value-based care (VBC) is a health care model grounded in providing proactive, personalized and person-centered care. More specifically, providing this level of care to improve resident health outcomes and increase operational returns.
Unlike traditional fee-for-service models that reimburse providers based on the number of services provided — rather than the effectiveness of those services — VBC reimburses based on the quality of care provided and optimal resident health outcomes.
Hear from an industry expert
Argentum interviewed Fil Southerland to gauge where the industry is headed — and help providers understand how to maximize their success in adopting VBC.
“Providers need to feel confident, number one, in their technology stack,” shares Southerland in the white paper. “VBC requires coordination and insight on a level that isn’t possible or scalable in a paper-based or disparate electronic solution.”
Read the white paper to get all of Southerland’s insights.
Assessing VBC in today’s landscape
While VBC has gained traction in recent years, the growth in the last 12 months has been the most significant — with more senior living providers implementing VBC than ever before.
This acceleration is based on a variety of factors, including the prevalence of truncated margins and increased care costs in today’s communities, as well as goals to target the middle market and improve staff retention through proactive care. VBC is also strongly supported by policy initiatives, particularly those led by the Centers for Medicare & Medicaid Services (CMS). CMS has set the goal of having 100% of Medicare and the majority of Medicaid beneficiaries tied to VBC by 2030.
How does VBC affect today’s providers?
Senior living services enable a fundamental, positive impact on health outcomes and therefore, the bottom line for providers receiving Medicare reimbursement in VBC arrangements. Senior living providers can choose to actively participate, or allow the value they deliver to accrue exclusively for health care providers.
How does technology support VBC?
With effective technology solutions in place, senior living providers are uniquely positioned to provide VBC. Since multiple technology elements are needed to support VBC, opting for a single-stack, interoperable solution like the Yardi Senior Living Suite can be optimal since tools are integrated and accessible from one platform.
With Yardi, you can:
Facilitate vertically and horizontally integrated clinical and operational data flow with an electronic health record solution.
Assess clinical trends and population health with business intelligence software.
Enhance resident engagement and reduce social isolation with wellness management tools.
Read the white paper in full
Read the entire white paper for a better understanding of value-based care, why it’s relevant and how providers can get started.
If you have questions about the Yardi Senior Living Suite, reach out to our team.
