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Health care in America traditionally is paid on a fee-for-service basis, with doctors billing and getting reimbursed for each service they provide. But in recent years, growing numbers of doctors and payers have been experimenting with value-based payment models, under which doctors are paid based on how well they care for patient populations while controlling costs.A 2020 survey by the Health Care Payment Learning & Action Network found that slightly more than 60% of health care payments included some form of quality and value component, up from 11% in 2012.
Although value-based payment models offer several advantages compared with fee-for-service models, practices are sometimes reluctant to try them due to concerns about the additional documentation and workflow changes they require. According to a session presented during Medical Economics® Fall 2022 Physician Bootcamp, a strategic approach combined with the right technology can help ease the transition to value-based care.