Value Based Insurance Design
Value Based Insurance Design Consortium
The Value Based Insurance Design (VBID) Consortium developed recommendations with respect to the promotion and adoption of VBID models for use by self-insured employers, fully insured employers and private and public health insurance exchanges. Specific recommendations and deliverables included: identifying and engaging stakeholders, identifying and assessing successful VBID programs in and out of Connecticut, creating a prototype VBID plan, and establishing the program design for a VBID learning collaborative.
Employers Can Improve Employee Health Through VBID
OHS offered free, customized technical assistance to employers interested in improving employee health and productivity while efficiently spending their company’s healthcare dollars through VBID.
Through financial incentives and education, VBID allows for smarter health care spending by:
- Guiding employees to high value services, providers, and medications
- Reducing avoidable ED visits and hospital stays
- Improving productivity through a healthier workforce
- Increasing employee satisfaction by cutting out of pocket costs and improving quality of care
VBID strategies can be incorporated into any traditional, co-insurance, or high deductible insurance plan design. They have been proven to improve employee health and management of chronic conditions and in turn, decrease the need for emergency department visits and hospital stays. The technical assistance program includes a review of the company’s current benefit design, customized recommendations for incorporating VBID strategies, benefits communication tools, and support from VBID experts and peers.
For more information, contact Lisa Tse at Freedman HealthCare.