4 Skills Physicians Need for a Career in Value-Based Medicine

According to most experts, the future of healthcare lies in value-based care — a model in which healthcare organizations and doctors are paid based on patient health outcomes rather than the number of healthcare services they provide.

The benefits of value-based care are clear: lower costs, higher patient satisfaction, fewer medical errors, and better-informed patients. However, despite the shift toward value-based care, the medical education system has yet to adapt to this new model. Most medical schools and residency programs teach and train students in the fee-for-service model.

For doctors to practice value-based medicine, they need additional skills often not taught in medical school. To succeed as value-based healthcare providers, physicians need thorough training in the following four skills.

1. Prioritizing Prevention

Most medical schools and residencies prioritize interventions, which include treatments, procedures, or other actions used to prevent or treat a disease or improve health in some way. This corresponds with a fee-for-service model, in which organizations are reimbursed based on the number of services they provide.

On the other hand, value-based care elevates prevention, chronic disease management, and coaching for behavioral changes. By teaching physicians to prioritize prevention, they can more effectively educate patients, help them reduce health risks and disease severity, and potentially minimize interventions down the line. 

2. Identifying Social Determinants of Health

Effective value-based care also requires knowledge of and sensitivity to social determinants of health (SDOH) — all the factors outside of clinical care that significantly impact whether and how patients can follow a care plan.

For example, people who don’t have access to a large or affordable grocery store are less likely to be able to buy healthy food and maintain adequate nutrition. Similarly, those who are economically unstable or unemployed may not be able to afford to fill prescriptions and take them according to a doctor’s orders. Altogether, 80% to 90% of health outcomes can be attributed to SDOH. When physicians are better trained to identify these factors, they can effectively offer treatment and care options. 

3. Relationship-Building

Traditional medical education provides plenty of opportunity for hands-on training for specialties like surgery and intensive care, which focus on interventions and procedures. However, they don’t typically receive the same experience for learning value-based care.

In particular, these trainees must learn to develop relationships with a manageable panel of patients over time. To deliver effective value-based care, physicians must establish relationships with patients to fully understand and address their unique health challenges and goals. 

4. Understanding Metrics and Data

Financial success in the value-based care environment requires keeping patients healthy and out of the hospital. This requires a physician to be comfortable with using metrics to assess patient care. For example, providers should be aware of how often patients go to the hospital after a clinic visit or how often they are prescribed medications but fail to get them filled at the pharmacy.

When providers are comfortable analyzing and using metrics and data in their daily work, they can ensure that patients achieve the best possible health outcomes and better understand how to make changes to their care delivery when needed.

With these skills, medical professionals will be better positioned to succeed in a value-based care environment — and to lead their patients to better health outcomes.

To learn more about the future of value-based care and how medical students can better learn and practice the principles of this care delivery method, download our white paper, “Preparing for a Career in Value-Based Care.”