The promise of producing better patient and population outcomes while reducing healthcare costs continues to drive the adoption of value-based care (VBC) by providers and payers. VBC contracts are projected to cover nearly 65 million Americans by 2025, according to a data analysis by McKinsey. The research firm expects the percentage of the insured population covered under VBC contracts and networks to grow to 22% by 2025, up from 15% in 2022.
But the transition from a volume-based transactional billing model to one that incorporates financial risk tied to the patient’s health outcome is not an easy one. Successful implementation of value-based programs is impossible without effective Value-based Administration (VBA).
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