Chapter 2
Determinants of Value: Patients’ Perspective Regardless of the product or services being purchased, one thing is clear— no one likes to pay for something that doesn’t work. The industry can no longer hide behind its “uniqueness” to deflect attention from the important debate regarding the value of its services. The traditional arguments offered about the complexity of healthcare services can no longer insulate the industry from scrutiny. The rising cost of healthcare services coupled with increasing copays is causing patients to question the value of what they are getting. The patient perspective of value is particularly important now, as patients are responsible for more and more of the costs of their care. Today, more than one in four Americans report challenges paying for their medical bills, and about 79 percent of cancer patients report moderate to catastrophic financial burden related to their care. Low-income families often spend more than 20 percent of their after-tax income on out-of-pocket healthcare spending, even when enrolled in low- or no-deductible plans (Seidman et al., 2017). Patients typically ponder the following aspects of their encounter to determine the value of the healthcare services they receive: ◾◾ The extent to which the chief complaint was addressed or resolved ◾◾ The extent to which their symptoms were effectively addressed ◾◾ The patient’s perception of whether he/she was treated like a “whole person” ◾◾ The true cost of the service received ◾◾ How much of a hassle it was to access and receive the service 27
