Porter Prize for Creating Value Based Healthcare Delivery
Redefining Healthcare provides an overall framework for diagnosing and solving the immense problem, with detailed action steps in the health care system. The concept of value refers to the output achieved relative to the cost incurred. It requires fundamental restructuring of health care delivery. Principles of Value-Based Competition that will help to achieve the alignment of all the healthcare components are
- The focus should be on value for patients, not just lowering costs. Value is driven by provider experience, scale and learning at the medical condition level.
- Free flow of information that is, information on results and prices needed for value-based competition must be widely available.
- Innovation in healthcare such as enhancing the patients experience, redefining the business around medical conditions, growing by developing its delivery value chain etc. that increase the value must be strongly rewarded.
- There must be unrestricted competition based on results and should not be confined to the local realm instead should be regional and national.