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Using Visual and Narrative Methods to Achieve Fair Process in Clinical Care
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Disruptive innovation: value-based health plans.

F Randy Vogenberg1

  • 1Chief Strategic Officer, Employer-based Pharmaceutical Strategies, LLC, Cranston, RI.

American Health & Drug Benefits
|August 17, 2014
PubMed
Summary

Value in healthcare is complex, encompassing usefulness, desirability, and fair exchange. Understanding these multifaceted definitions is crucial for navigating the healthcare market.

Area of Science:

  • Healthcare Economics
  • Health Services Research
  • Medical Ethics

Background:

  • The concept of 'value' in healthcare is multifaceted, lacking a single, universally accepted definition.
  • Existing definitions range from clinical utility and patient desirability to economic exchange and fair return.
  • This ambiguity complicates healthcare market analysis and policy development.

Purpose of the Study:

  • To explore the diverse meanings of 'value' within the healthcare context.
  • To analyze how different interpretations of value impact healthcare markets.
  • To provide a framework for understanding value in complex healthcare systems.

Main Methods:

  • Systematic review of dictionary definitions pertaining to 'value'.
  • Analysis of legal and medical literature to identify contextual applications of 'value'.

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  • Synthesis of findings to delineate distinct dimensions of healthcare value.

    • Main Results:

    • Identified three primary dimensions of value: usefulness/merit, desirability/standards, and economic exchange/fair return.
    • Demonstrated how these distinct meanings influence stakeholder perceptions and market dynamics.
    • Highlighted the need for precise value definition in healthcare policy and research.

    Conclusions:

    • Recognizing the multifaceted nature of healthcare value is essential for effective market function.
    • Clarifying value definitions can improve resource allocation and patient-centered care.
    • Further research is needed to operationalize these value dimensions in practice.