Value-based healthcare describes a system that aims to increase access to care and improve patient outcomes at optimum cost. With hospitals moving away from billing on volume, and instead focusing on patient status, it provides the missing connection between patients and providers/healthcare systems that is necessary for trust to thrive. Value-based care is a people-centric approach that spans the entire health continuum; providing the right care in the right place, at the right time and the right level of cost.
Healthcare professionals will have a greater opportunity to implement value-based care and provide a better patient experience with improved outcomes as integrated data becomes more ingrained. The use of universal healthcare records can boost data collection among healthcare professionals because it helps eliminate disparate sets of data and silos within the healthcare system.
“At Philips we are working on telehealth and artificial intelligence solutions that can help break down the barriers between hospital and home, giving patients an alternative way to connect with healthcare professionals, both improving access to care and their satisfaction,” said Vitor Rocha, CEO, Philips North America. “With value-based care, we can put the emphasis back on the patient, not profits and create the kind of solutions that improve diagnostic confidence and patient outcomes, while at the same time reducing costs. Only then can we engender trust in the U.S. healthcare system and bridge the gap between healthcare professionals and the general population.”
Through long-term, strategic partnerships, Philips is working with healthcare systems across the country to understand work flows and remove complexity to deliver a seamless approach to wellness when, where, and how people need it. This approach is critical for value-based care. As part of these relationships, Philips co-creates intelligent innovations with its partners, many of which benefit from “adaptive intelligence,” the Philips application of artificial intelligence that improves people’s lives in a meaningful way. Examples of Philips solutions that apply adaptive intelligence include Illumeo and IntelliVue Guardian EWS. This combination of artificial intelligence with deep knowledge of the clinical, operational, and personal context supports solutions that adapt to people’s needs and help healthcare providers achieve better outcomes at lower cost. This approach is validated by the findings in the FHI, which shows the U.S. investment in artificial intelligence (AI) is double the average spend in AI related to preliminary diagnosis ($0.06 per capita vs $0.03 on average) and therapy planning ($0.14 per capita vs $0.06 on average), which suggests a prioritization of healthcare AI technologies in the U.S. market.