The Evolution of Value under the Pressure of Consumerism

Value  ⁽¹⁾
(noun)

1. The worth of something
2. A fair return or equivalent in goods, services, or money for something exchanged
3. Something such as a principle or quality that is intrinsically valuable or desirable

In the current value-based purchasing framework by Centers for Medicare and Medicaid Services (CMS), patient experience, as measured by HCAHPS, only counts for 25 percent of the weight in the reimbursement equation. As healthcare shifts into a more consumer-driven industry, how will that framework evolve? And how will patient/consumer experience shift the emphasis on reimbursement and the way organizations operate moving forward?

Recently, healthcare leaders attending the 16^th annual What’s Right in Health Care® conference shared their thoughts on value and how it will evolve in the next five to 10 years. Watch the video to hear their perspectives.

^{1. Value. (n.d.) In Merriam-Webster’s collegiate dictionary. Retrieved from:  https://www.merriam-webster.com/dictionary/value}