British Journal of Hospital Medicine · 2018 · 14 citations · 9 references
Public AffairsHealth PolicyHealth Services AdministrationHealthcare AdministrationHealthcare EconomicsHealthcare FinanceHealth Care CostsHealth Care Expenditure AnalysisHealthcare Cost AnalysisValue AssessmentValue-based CareValue-based PaymentExpenditure StructureHealth Care EconomicsNational Health Expenditure AccountsPatient Outcomes MeasurementValue-based Care EconomicsValue-based Care ImprovementValue-based Care StrategyValue-based Investment
Health-care companies around the world face an unprecedented challenge of rising health-care costs, increasing life expectancy and escalating demand. Although national health-care budgets have increased (as a percentage of gross domestic product) health care continues to impart significant upward pressure on national expenditure, particularly in the UK ( Licchetta and Stelmach, 2016 ). Additionally a substantial funding gap will continue to grow ( Gainsbury, 2016 ). In response to this challenge a 'value' based strategy has gained momentum over the last two decades. Several pioneers of this approach (Sir Muir Gray at Oxford University, Professor Michael Porter at Harvard University and Professor Elizabeth Teisberg at Dell Medical School) emphasize the importance of organizations focusing on 'value'. Porter and Teisberg (2006) highlight the 'value equation' as obtaining the very best patient outcomes for each unit of currency spent. Gray expands on this model, describing three types of value: allocative, technical and personal ( Gray, 2011 ). Although some global health-care organizations have embraced the value-based agenda to transform acute care facilities, mental health providers have been slow to consider the benefits of this approach. This article gives a broad overview of implementing a value-based model in mental health care, the significant development resources needed, organizational issues, and finally concludes with the benefits and a vision of value-based mental health care for the future.
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