Health Affairs August 21, 2018
Value-based purchasing (VBP) initiatives attempt to incentivize providers to improve the quality of their services by offering financial rewards or penalties based on performance. The underlying appeal of this approach to affect provider behavior is relatively intuitive, and both public and private payers in the US have increasingly used alternative payment models (APMs) incorporating VBP, especially as quality metrics have become more accurate.
Price transparency initiatives attempt to incentivize patients to select higher-value providers by offering price information for a set of potential providers. The underlying appeal of this approach is also relatively intuitive, and public and private payers, as well as private entrepreneurs, have increasingly offered these services. While initial results have been mixed, technological advances continue to...
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