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Value-based care has gained significant traction in the U.S. over the past few years, and for good reason. With healthcare costs outpacing income growth and health insurance deductibles increasing by 212% over the past decade, many patients are left feeling that their health insurance doesn’t provide as much value as it did 10 years ago.
Meanwhile, recent price transparency data has revealed that, on average, hospitals charge private payers more than twice the amount they charge Medicare and Medicaid. As a result, employers who offer employer-sponsored health insurance are increasingly demanding that payers take a more active role in reducing the cost of care. Developments like the Anthem-Parkview contract negotiations have sent a strong message to payers—look for ways to lower costs or lose your most profitable line of business.