HOW DO WE DETERMINE VALUE?
The Value Initiative adopted the recommended definition of value proposed by Michael Porter, a professor at the Harvard Business School with expertise in health-care policy. This definition states that value is a measurable economic ratio of health outcomes to cost. Outcomes can further be described as condition-specific measurements that quantify patient health and experience. Cost accounts for the total cost of the full cycle of care for the patient’s medical condition. This ratio of outcomes over cost is known as the “value equation” which can be used to create efficient patient centered care.
WHY IS VALUE IMPORTANT?
Following a devastating accident or a life-shattering diagnosis, the cost of your healthcare should be your last concern. At the same time, you want to be able to receive the best care possible. The first step to patient-centric care, is placing the patient at the center. Therefore, value is about finding the optimum intersection between healthcare costs and patient-relevant outcomes. Our mission is to formulate the treatment that works best for you, the patient, in principle to both your financial well-being and personal recovery journey. Value gives us the power to truly emphasize the underlying principles of patient-centered healthcare. It evaluates healing in-regards to outcomes relevant to the goals of the patient, while also providing a holistic review of the patients’ recovery journey.
WHAT WE DO
We are an orthopaedic focused group dedicated to optimizing and implementing value-based care. Value is crucial in the field of orthopaedics as it has been estimated that orthopaedic surgeons influence over half of health care costs. We believe that as an orthopaedic group, we can work to increase value at our own institution, as well as assist other healthcare systems in determining the value of their care.