"Healthcare purchasing decisions are akin to ordering wine. That's a problem. Here's why," begins Dr. Barry P. Chaiken, Infor chief medical information officer, in a guest article in Becker's Hospital Review.
"Showing great wisdom, our moms cautioned us to never judge a book by its cover. Yet, when we purchase wine we look for the fancy label design, interesting back label story or colorful capsule covering the cork. That said, most wine drinkers use price as the most important indicator of wine quality. Surely a $100 wine must be better than a $15 bottle, otherwise why would the retailer charge more for it?" writes Chaiken in the May 12 article, "Fine Wine and Healthcare Quality: What We Get Wrong About Both."
"In the absence of understandable, easily accessible quality metrics, we utilize price as a surrogate for quality. … As we move to value-based reimbursement models where price matters, linking quality to price becomes more important than ever. The passage of the Patient Protection and Affordable Care Act dramatically changed the healthcare marketplace and the economics driving it. No longer could provider organizations indiscriminately raise prices to increase revenue and cover their costs. The PPACA set rules strongly encouraging provider organizations to take on risk and deliver measurable quality of care."