1. The document discusses moving healthcare competition away from lowering costs and towards increasing patient value. It proposes focusing on medical conditions over full care cycles and competing based on quality outcomes.
2. Key principles for value-based competition include defining value as health outcomes rather than just costs; basing competition on standardized outcome measures; focusing competition at the medical condition level; and that high quality care can be less expensive in the long run.
3. Experience, scale, and learning at the medical condition level drive value. Competition should also be regional or national rather than just local to allow for growth in condition-specific expertise. Public reporting of standardized outcome and cost data is necessary to enable value-based competition.
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20061020 mayo presentation
1. Value-Based Competition in Health Care
Professor Michael E. Porter
Mayo Clinic
Rochester, Minnesota
October 20, 2006
This presentation draws on a forthcoming book with Elizabeth Olmsted Teisberg (Redefining Health Care: Creating Value-Based Competition on Results,
Harvard Business School Press). Earlier publications about the work include the Harvard Business Review article “Redefining Competition in Health
Care”. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means — electronic, mechanical,
photocopying, recording, or otherwise — without the permission of Michael E. Porter and Elizabeth Olmsted Teisberg.