You can ensure your strategic plan is centered on providing value by incorporating the principles of value-based competition into your service line development. Here they are:

• The focus should be on value for patients, not just lowering costs.
• Competition must be based on results.
• Competition should center on medical conditions over the full cycle of care.
• In the end, high-quality care should be less costly.
• Value must be driven by provider experience, scale, and learning at the medical condition level.
• Competition should be regional and national, not just local.
• Results information to support value-based competition must be widely available.
• Innovations that increase value must be strongly rewarded.

If anyone reading this has first-hand success using this approach, please share your experiences with our readers.