Payviders Seek a Holistic Approach to Patient Well-Being
“In a health sector bombarded with labels such as InsurTech, HlthTech, FemTech, and AgeTech, it’s no surprise that confusion and mis-categorization run rampant,” says Lindsay Resnick, executive vice president of Wunderman Thompson Health. “And now there’s another category being promoted by consumer-centric health companies bringing a tightly integrated financial and clinical health care experience to consumers. They call themselves ‘Payviders’.”
Read on for an excerpt from Resnick’s new article discussing these payviders, and what they mean for the industry.
Whether a fully integrated consortium such as Kaiser Permanente or Geisinger Health System, an Accountable Care Organization, or a payer/provider joint venture, a Payvider isn’t necessarily born out of ownership. Nor does it come out of legislation or regulation, vertical or horizontal delineation, and certainly not from PR hype or arbitrary labeling.
For Payviders it’s about convergence. It’s about control. It’s about collaboration. Most important, it’s about a holistic approach to patient well-being — delivering better value through integrated care resulting in superior experiences, lower costs, and improved health outcomes.
Payviders began to truly take off when outcomes or value-based payment schemes began to catch on, bolstered by the Affordable Care Act and Medicare’s Shared Savings Program. Pay-for-performance reimbursement, from basic risk sharing to episode of care and bundled payments, is rapidly transforming health care away from fee-for-service toward an outcomes-based financing system — incentives and disincentives based on quality of care delivered and tangible improvement in a patient’s health.
In the evolving volume to value environment, it quickly became apparent that by joining forces across the patient lifecycle, payers and providers working together could improve the traditional managed care model, where they find themselves one step removed, either clinically or financially, from the care patients receive.
Read the full story now: Resurgence of the Payvider
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