Define "value-based care" in healthcare management.

Value-based care in healthcare management emphasizes the delivery of high-quality services while simultaneously aiming to reduce costs. This approach prioritizes patient outcomes and the overall effectiveness of care rather than just the volume of services provided. It recognizes that better patient outcomes often lead to reduced long-term healthcare costs, as prioritizing quality care can prevent complications and unnecessary hospitalizations.

By focusing on providing care that genuinely meets patients' needs and ensures their well-being, value-based care shifts the paradigm from a fee-for-service model—where providers are reimbursed based on the quantity of services rendered—to one where reimbursement is tied to the quality of care and patient satisfaction. This strategy ultimately benefits both patients and the healthcare system as a whole by promoting health improvements and cost savings.