Dr. Sharan defined two eras in his article: Value 1.0 and Value 2.0. Value 1.0 starts with the publication of “Redefining Healthcare” by Michael Porter, PhD, and Elizabeth Teisberg, PhD, in 2006 through the present day. This focused on achieving value for patients, defining it as health outcomes per dollar spent.
Value 2.0 will be the time when high-value services and treatments are implemented, Dr. Sharan wrote. He pointed to four value propositions: lowering costs, providing convenient care, delivering an exceptional experience and offering the highest-quality product.
As competition increases, providers should focus on these value propositions to give themselves a competitive advantage, he wrote.
The COVID-19 pandemic has accelerated the competition for resources, he wrote. In the orthopedic sphere, surgeons previously could have an advantage by performing a novel surgical procedure. Now, with few procedures that can be considered new, surgeons can gain a competitive advantage by embracing value propositions in their care, Dr. Sharan wrote. This transformation in care is expected to come sooner due to the pandemic.
Read the full commentary here.
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