The Money Blog

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What is your medical “value proposition”?

May 26, 2022

The business side of medicine is rapidly evolving, and along with it, the role of the physician.

Now, more than ever, physicians need to understand the concept of value-based care.

In business lingo, a value proposition is a statement that intentionally and methodically establishes why a product or service is desirable to customers. A customer perceives value if the commodity or service matches or exceeds the cost paid.

How is this applicable to medicine?

Think about what comes to mind when you read “free health care.”

Like most people, you probably envision long wait times, doctor shortages, rude service, and challenges with health literacy.

We might also recall complaints, opinions, and feelings about the public health system that have been expressed publicly (often in real-time) through media channels.

In everyday medical settings—like in chronic disease management—it’s imperative that the patient accepts the assertion that the positive health outcomes that they desire are worth more than the undesired lifestyle changes prescribed by the physician.

This type of value proposition can also be useful in strengthening employee satisfaction.

Your medical team performs grueling work at all hours of the day, for days on end.

Is their compensation commensurate with their experience, qualifications, leadership, and interpersonal skills?

Finding out the answer to this question is crucial in building a healthy work culture, particularly during a pandemic when health care workers are even more overworked and underpaid.

If you haven’t yet thought about developing a value proposition for your team or for yourself, it might be time to consider the following questions: what is my service offering worth, and if I was the patient, would I buy it?