There's been a trend in value based care companies recently and I'm curious what you all think of them.
For anyone unaware,
Value-based care is a form of reimbursement that ties payments for care delivery to the quality of care provided and rewards providers for both efficiency and effectiveness. This form of reimbursement has emerged as an alternative and potential replacement for fee-for-service reimbursement which pays providers retrospectively for services delivered based on bill charges or annual fee schedules. 1
The way I understand it, a value based care company will act as both the insurance provider and the primary care provider for a patient. The patient pays their insurance premium month by month and does not pay fee-for-service type payments for any of their care.
Its up to the providers to make sure the tests being done and the interventions being performed are strictly necessary and beneficial because the companies' profits are now tied to how expensive these tests and interventions are rather than how many billing codes the doctor can tie to a patient.
How was my explanation? Can you give me a better one?
Does anyone have any experience in one of these companies? Is anyone trying to get involved?
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