For over a decade, The Oncology Institute (TOI) has expanded on the vision of striving to be the nation’s leading value-based oncology group. When it comes to innovation and groundbreaking research, TOI has been at the forefront of delivering accessible, as well as affordable, world-class cancer care within the communities we serve. So how do we do it?
In this article, we define value-based healthcare as well as a few of the benefits of this service model.
What is value-based healthcare?
Value-based healthcare focuses on improving patient health outcomes and satisfaction without the financial burden for services rendered. This proven approach incentivizes providers to be proactive and preventative in their treatment plans.
- Cost-effective Care
In the traditional fee-for-care service model, the number of billable services is often incentivized which contributes to the financial strain patients and their families are left to manage after a diagnosis. Hospitalizations, cancer therapies, as well as other unforeseen factors, can also be attributed to increased cost of care. Focusing on preventative treatment and quality of patient outcomes can decrease overall expenses.
- Decrease in Time Spent in Hospital
Our premier outpatient programs allow patients to receive treatment, rest and recover in a setting that is most familiar to them. Educating patients on their condition helps them grasp a more complete understanding of their treatment options. This knowledge can help distinguish what situations or symptoms warrant a trip to the emergency room versus what can be addressed with their oncologist first.
- Increased Patient Satisfaction
Patients that are informed and engaged throughout their cancer journey have a better understanding of their health and progress. Having providers that recognize the unique individual needs of every patient can lead to more effective treatment.
Operating on a value-based healthcare model has allowed TOI to be an advocate for patients in more ways than one, providing accessible and innovative care for all.
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