Jan 27, 2022 12:00 PM ET
Innovative healthcare providers are successfully delivering improved patient care at lower costs through value-based payment initiatives, such as accountable care organizations (ACOs) and bundled payment arrangements. For example, in 2020 alone Medicare Shared Savings Program (MSSP) ACOs generated $1.9 billion in net Medicare savings, with an average quality score of 98 percent.
Congress and the administration have highlighted value-based care as a key strategy for lowering healthcare spending and improving population health. However, adoption of value-based models has been slower than expected, due to limited options for participation and the ongoing COVID-19 pandemic.
Additional policy levers are needed to further strengthen the movement to value. For example, the 5 percent MACRA bonus has been a critical tool for clinicians – helping to cover the investment costs of moving to new payment models and offsetting losses associated with transitioning away from fee-for-service. However, these bonuses are set to expire in 2024 payment year, which is based on 2022 performance. The healthcare industry is united in calling upon Congress to immediately act to extend this critical financial tool to encourage providers to make the investments needed to move away from utilization-based reimbursement models.
During this session you will hear directly from some of the nation’s leading providers and health systems on the barriers they’ve overcome transitioning to alternative payment models and key actions Congress can take to ensure the success value-based payment initiatives.
Learn more about Health Care Value Week here.