Singapore’s healthcare system came top of our recent Future Health Index (FHI) study for both efficiency and satisfaction, with most of its healthcare professionals (HCPs) agreeing that the care available meets patient needs.
However, maintaining such a well-performing system comes at a price. Singapore’s Finance Minister Heng Swee Keat recently announced that the government expects to spend an additional 0.8% of gross domestic profit on healthcare – an increase of about SGD$3.6 billion) – over the next decade. In addition, costs are expected to rise as a result of the country’s aging population and rising rates of chronic diseases like diabetes.
The financial implications of maintaining standards of care for a bigger, and more demanding, population is a pressing challenge across the developed world, but just pumping in more money might not be the answer. Instead, forward-thinking governments are starting to look at new models of care in order to future-proof quality – in particular, the ‘value-based care’ model.
Value-based care is a care delivery model where providers are paid based on patient health outcomes rather than the amount of healthcare services that they provide. This is a fundamental shift from most countries’ current models – placing more emphasis on helping patients to live healthier lives and to prioritize illness prevention, rather than just on treating the sick.
According to the World Economic Forum there are four key enablers that countries need to invest in to truly make the shift to a value-based approach:
- data and health informatics
- benchmarking, research and tools
- delivery organizations and change management
- incentives and payments