Redefining Value-Based Care in Today's Healthcare Landscape

Victoria Bianco is leading the care center transformation team at Privia Health, with a firm dedication to facilitating education and engagement of providers around population health and helping them achieve success in value-based care. As a key member of the company, she is entrusted with empowering healthcare providers with the right resources to facilitate the journey from the traditional fee-for-service model to value-based care, building a better healthcare delivery system.

In an interview with Healthcare Business Review magazine, Victoria sheds light on her perspectives as a leader in the value-based care world and its profound impact on healthcare delivery and patient outcomes.

When it comes to the value-based care space, what challenges do you observe in the marketplace today?

As healthcare organizations transition from the traditional fee-for-service model to the value-based care paradigm, one key challenge is truly understanding what value-based care entails and how they need to adapt to the new approach to care delivery.

Providers need help to grasp the real impact of value-based care on their patients. They are primarily focused on patient care and may lack the guidance needed to balance patient care with the business aspects, such as working with payers, analyzing patient data, and identifying cost-saving opportunities for high-risk patients.

Any emerging trends that can help overcome these challenges in value-based care? How is Privia Health addressing these challenges?

We need to recognize the fact that value-based care still isn’t the traditional model that our healthcare system is built upon. To effectively incentivize our providers and prioritize the quality of care they deliver, we need to shift toward a reimbursement model that rewards them based on patient outcomes. Measuring the results and properly incentivizing providers in this manner will allow us to reduce costs, enhance the patient experience, and improve patient outcomes.

However, downside risk contracts in value-based care may pose challenges, as providers are accustomed to the fee-for-service mindset. As partners to providers, we take on the role of monitoring and educating them on different opportunities and obstacles, enabling them to truly concentrate on patient well-being and adjust their care delivery to embrace value-based care.

Please walk us through the strategies that individuals or organizations should employ to provide a seamless experience in value-based care.

Fueling the adoption of value-based care requires a strategic focus on engaging providers who are willing to understand the opportunities involved from the payer’s perspective. Organizations need to offer comprehensive education to all individuals involved in the practice who have an impact on patient experiences.

Investing in clinical leaders and providing them with formal leadership training is crucial for a successful transition to value-based care. These leaders can engage with other providers in the space, educate them on the “why” behind value-based care, and inspire a behavior change to impact patient experiences.

Could you highlight any particular project initiative Privia Health has taken to improve value-based care?

A notable initiative we have undertaken to enhance value-based care is the development of our clinicians as leaders. We have implemented a 12-month formal leadership training program to equip clinical leaders with essential skills, such as effective communication, accountability, and outcomes-driven decision-making. They engage in projects in our organization to address specific issues and provide practical solutions, applying the learning to best serve the organization and our needs.

How do you envision the future of value-based care in the healthcare space?

Looking ahead, Privia Health is poised for continued growth in the healthcare space. As more attention is directed toward value-based care and increased participation within the healthcare industry, we anticipate the emergence of new areas that our organization will need to invest in. The core elements of cost reduction and improved patient outcomes and experience will remain crucial.

One area of growing importance will be addressing social determinants of health. Organizations will need to address these factors by providing appropriate resources to patients who are experiencing barriers to accessing care. It will be really intriguing to see how organizations handle these aspects and incorporate them into their value-based care strategies.

What would be your advice to aspiring professionals in the field?

For aspiring professionals in the field, my advice is to recognize the significance of peer-to-peer conversations among clinicians. Engaging in productive discussions about industry trends, future directions, and areas of focus can be incredibly effective.

Investing in and acknowledging clinical leaders who can carry the banner of value-based care with you is vital to building trust and fostering a culture of behavior change among providers.