Value-based reimbursement is a critical step toward fixing this problem. Most people understand that value depends partly on price and quality. But the essential component most people miss is that value also relies on patient outcomes. An analogy can be made with automobiles. Given two vehicles with the same safety profile or crash-test ratings (outcomes), specifications (quality), and cost of ownership (price), the less expensive car would be the better value. But if the more expensive car has the best safety profile possible while the lower-priced vehicle fails the same tests, the better value would be the more expensive car. The same type of calculus can be made for nearly all aspects of healthcare.
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