No area in US healthcare has garnered more attention in recent years than cancer. As value-based healthcare (VBHC) is increasingly applied throughout the healthcare industry, the Economist Intelligence Unit (EIU) embarked on a study to identify where and how value could be improved across cancer care in the US.
The report looks at 5 key areas where more work can be done to improve value across US oncology:
1. Align care to patient objectives
The report uncovers what is at the core of patient-centricity, to treat the patient, not just the cancer. In one study published by Current Oncology, only half of surveyed patients thought they were presented with options for their cancer treatment. Patients need to be presented with the full array of available treatment options and associated benefits, harms and costs would ensure that patients have the opportunity to determine their treatment courses according to their individual preferences and financial situations. They also need be empowered to have these care conversations with their health provider, and other stakeholders such as health insurers.
2. Capture and leverage meaningful real world evidence
Emerging technologies, and recent initiatives to improve collection and use of medical data to drive better clinical decision-making and value-based care models are explored in the report.
3. Reduce inappropriate care
One of the ways is to systemise measures to prevent low-value care. At present, there is no formalised or widely adopted process for safeguarding against the various forms of inappropriate care.
4. Improve care coordination throughout the patient journey
Improving the accuracy and accessibility of health records, and vertical integration of care management will help enhance care coordination.
5. Incentivise and enable stakeholders to improve quality and efficiency of care
The report looks at existing initiatives to shift cost models from a fee-for-service type to a value-based one, and considers a ‘What if’ scenario where providers in the US adopts transparent performance indicators for cancer, taking a cue from such models that already exist in countries such as Germany and Sweden.
To grow the business in US cancer markets, companies need strategies that address the country’s challenges.
EIU Healthcare and Clearstate’s research insights and growth consulting services can help companies answer key questions on your target market:
- Where are the challenges in accessing cancer therapies in the US
- How will the VBHC movement in the US play out across regulations, healthcare providers, payers and the industry
- What pricing, payment and financing arrangements can be explored to create value-based pricing models
For more on the Economist Intelligence Unit’s report, download Unlocking Value in US Cancer Care. This report was sponsored by Novartis.
To speak to EIU Healthcare’s consulting team on how we can help you grow your business, please contact us at firstname.lastname@example.org.