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Medical billing is a field that is constantly evolving, with new updates and developments. One such development is value-based care, which is currently transforming the medical billing industry. Value-based care is a provider payment model that prioritizes high-quality healthcare over the quantity of services. The goal of this payment model is to provide better care to patients while reducing the cost of care.
This article is a guide on value-based care models, what they are, how they impact billing practices, and what strategies should be adopted to succeed in this new reimbursement landscape.
So, without any further ado, let’s dive into the details of value-based care models:
Understanding the Basics of Value-Based Care Model
According to the Centers for Medicare and Medicaid Services (CMS), value-based care is a model that provides cost-effective, high-quality care while improving patient satisfaction and outcomes.
The Centers for Medicare & Medicaid Services (CMS) have introduced a variety of value-based care models, including:
- Medicare Shared Savings Program,
- Next Generation ACO Model,
- and Pioneer Accountable Care Organization (ACO) Model.