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Value-based care (VBC) is a crucial step towards improving access, equity, and quality healthcare for Americans.
Since the inception of Blue Cross Blue Shield in the 1930s, the US healthcare system has relied primarily on fee-for-service (FFS) payment practices. Essentially, you go to the doctor for a specific need, the doctor serves that specific need, the doctor is paid for that service.
While this may seem like a natural payment practice, America’s decades of loyalty to FFS have contributed to skyrocketing healthcare costs and sinking healthcare outcomes.
Fortunately, with the introduction of value-based care, the healthcare industry has seen a breakthrough in care delivery. This innovative care delivery model incentivizes providers to deliver better care by basing payment on the quality of care rendered to the member, rather than the service itself.