Surgeon's Record September 23, 2025
Last week Chrissy Farr of Second Opinion Media and Adam Seabrook of B Capital co-authored an article pondering the future of value-based care. Specifically, they question if VBC is capable of producing the Power Law returns venture capitalists crave.
Contrasting two exited primary care companies, Oak Street Health (representing VBC) and One Medical (representing FFS), Chrissy and Adam conclude that VBC is too capital intensive and too incapable of MLR compression to make the economics work.
Fee-for service wins again.
Along the same lines, Nikhil Krishnan of Out-of-Pocket Health recently shared a dovish take on VBC, sharing insights from his healthcare data conference. Attendees felt that “the lion’s share of money saved or made comes from documentation fiddling (e.g. risk...
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