How does Value Based Purchasing impact the revenue for healthcare organizations. What is the advantage to Value Based Purchasing for the provider, the payer and the patient?
The Value Based Program, VBP, was implemented to provide quality care and better experience for patients in acute care settings. Hospital stay is a better experience for patients. VBP has encouraged quality improvement, efficiency in care, better patient experience and increased safety of care in these settings. The advantage of VBP to the patient is improved care based on evidenced based standards for the best outcome in care, increased safety in care provided in these settings. As a result of VBP, providers are recognized for performance and quality care, this leads to incentives and decrease in healthcare errors that can be costly to the provider.