06 Aug 4 ways cloud tech helps healthcare move to value-based care
by Jayneel Patel
For most healthcare systems currently transitioning from a fee-for-service (FFS) model to value-based care (VBC), the need to seamlessly integrate healthcare services that track patient outcomes while still reducing overhead costs is a healthcare improvement, but it’s not without its challenges.
How can you switch without dropping a death blow on your practice?
The solution is cloud computing.
Cloud technology implementations have increased, offering practical solutions for reducing overhead costs while providing seamless patient-centered care. Studies show that the global market for cloud technologies in the healthcare industry is expected to grow by USD 25.54 billion during 2020-2024.
“Effectively implementing a value-based model requires more than simply changing the payment methodology,” Norman Chenven, MD, vice chairman for the Council of Accountable Physician Practices, wrote in a 2019 blog post for Physicians Practice. “Successful transformation requires realignment of providers in order to design and deliver proactive care and prevention.”
If you are ready to move from an FFS healthcare model to VBC, here are four ways cloud computing can help ease the transition while optimizing your patient care delivery system.
1. Builds a more comprehensive patient history
In a traditional healthcare model, providers rely on patients to report symptoms and lifestyle habits that may impact health conditions. In most cases, the only time patients report symptoms is during their annual in-person exams.
But with cloud computing, healthcare providers can regularly connect with patients through medical devices and telehealth services to collect wellness data and build a comprehensive profile. The result is a reliable, full range of data that assists in developing preventative care strategies rather than focusing on symptoms of the disease. And data is collected in the form preferred by patients.
2. Supports patients’ preferred care delivery method
Although 50 percent of patients were already using virtual appointments, the use of cloud-based services like remote patient monitoring, digital medical imaging, non-emergency virtual checkups, and other telehealth services skyrocketed during the pandemic.
Telehealth saw a significant boost, with experts estimating telehealth services hovering around $186 billion by 2026. Studies show that 71 percent of patients in the US considered using telemedicine after the threat of the pandemic subsides.
“With cloud-based solutions, healthcare organizations are able to power provider mobility and choose platforms with easy-to-use interfaces for first-time patients and busy healthcare providers,” says Liz Alton, a med-tech writer. “Industry-best SaaS platforms, hospital-developed platforms, and public, private, and hybrid cloud solutions are all providing the compute and storage solutions necessary to securely store data and ensure application uptime.”
3. Provides a streamlined billing system
Transitioning to cloud computing offers two benefits: First, as mentioned earlier, patients enjoy real-time service delivered through their preferred method. Second, cloud computing cuts down on operational costs on the business side while allowing healthcare providers to provide high-quality, patient-centric services.
According to a Medscape Physician Compensation Report, nearly one-third of healthcare providers say they spend 20 hours or more per week on paperwork and administrative tasks. Manual record-keeping isn’t possible with the valued-based patient care model.
Since payment depends on providing targeted health data and analytics that records patient outcomes and the effectiveness of patient care, cloud technology plays a key role since it streamlines patient records management and billing tasks. With cloud computing, providers can pivot their focus to providing the best care possible for their patients.
4. Supports better collaboration within the healthcare network
When a patient is referred for specialized treatment, such as physical therapy, oncology, or in-home care, that clinic will create a separate patient file. Should a patient visit various doctors, it often becomes the patient’s job to relay critical information about their healthcare to multiple providers.
Secure, comprehensive patient documentation within a cloud-based system makes it easier for doctors to share information, see the results from a patient’s visit with another doctor, confer with other specialists for their expertise on a patient’s case, and make care decisions based on a complete patient profile.
The National Law Review observes that “beyond the allure of steady revenue streams, new regulatory flexibilities and care delivery innovation creates an opportunity for providers to realize a more rapid rate of return on their investment in value-based care by increasing the portion of their business with value-based care reimbursement.”
Faced with rising overhead costs and the demand for better patient care, more healthcare organizations turn to cloud computing to better manage the VBC model.
Paired with cloud technology, today’s healthcare strategies provide a full suite of healthcare indicators for better collaboration among support teams, simplified billing procedures for faster payment, and the ability to connect with patients in ways that place the focus right where it belongs—the patient.
Jayneel is VP, Healthcare & Life Sciences, here at Simplus. With a Ph.D. in engineering and MBA from Duke and over 15 years of experience, Jayneel designs and delivers empathy-driven innovative solutions in healthcare. He has developed digital strategies to reduce risk, increase visibility, and improve patient and member satisfaction. His passion is to enable better care through technology.