In April 2015 the HFMA launched the Healthcare Costing for Value Institute, which provides a platform for support and ideas exchange with a focus on applying the theory of value-based healthcare in practice and maximising the value of patient-level costing information. The Institute works with NHS organisational members and provides a programme of networking, training, resources and thought leadership.
When the Institute was launched, value-based healthcare was a relatively unknown concept to many in the NHS. In the US two professors – Porter and Kaplan – have championed the adoption of value – measured as outcomes over costs - as the real goal for healthcare systems, and it was fitting that Professor Kaplan spoke at the Institute’s first value masterclass.
It is hard to argue against the theory of value-based healthcare – it needs to become the focus for clinicians and finance alike as they look to deliver high-quality sustainable healthcare services. But how do you translate the theory of value into practice? This is what the Institute has been exploring with its members over the past few years.