Defining value is not so easy because it can take on several meanings based on different perspectives within the healthcare ecosystem.
For the patient, overall, value has to do with improvement, either in the quality and/or the length of their life. Additionally, they may find value in:
Ability to choose (e.g., provider, treatment, etc.)
Certainty over health outcomes
Cost-effectiveness of out-of-pocket expenses (reduced money/time spent)
Reduced burden on family and caregivers
What does this mean for digital solutions? Patient value is about more than just the technology. It’s about how well it integrates with and works throughout the entire patient journey.
For other stakeholders, value can take on a different connotation:
From a societal perspective, it may deal with bettering the “public good.”
A healthcare system assigns value to what benefits the patients and providers within their system.
The industry perspective, on the other hand, generally concerns the benefits for both patients and payers.