Value-based care is the future of the healthcare industry, according to Law360.
Here are seven things to know about value-based care:
1. More than 7,000 organizations participate in the Bundled Payments for Care Improvement Initiative, a voluntary value-based care program. Law360 reports the BPCI and other voluntary models are likely to stay under the current presidential administration.
2. Many providers, payers, consumer groups and pharmaceutical companies sent a letter to President Donald Trump On Jan. 25 asking the president to expand voluntary bundled payment programs.
3. Many facets of the industry participate in value-based initiatives sharing a portion of the risk. This includes pharmaceutical companies, medical device companies, health plans and HIT companies.
4. The Health Care Transformation Task Force, a group of 20 major health systems and payers, vowed to move 75 percent of their business to value-based health plans within the next three years.
5. Many payers are reimbursing for value, with Aetna allotting 45 percent of its healthcare spending on value-based models in 2016.
6. Many value-based programs require practices to redesign care coordination as the program's quality and performance measures support the alignment of resources and incentives.
7. Providers and health systems are increasingly forming accountable care organizations in which they create the care management infrastructure for value-based arrangements.