WASHINGTON — Nearly 20 years ago, policymakers had an epiphany: The health care system should pay for value instead of volume. Unfortunately, it’s now less clear than ever what value-based payment means, and whatever it is, it hasn’t lived up to the hype.
Value-based payment, also known as value-based care, is getting renewed attention in Congress as doctors become increasingly distressed by a Medicare pay system that does not keep up with inflation.
Lawmakers are considering changes to the way Medicare pays doctors for the first time since Congress passed a law in 2015 that leaned heavily on value-based payment. A key House committee took up the matter last fall. The Senate Finance Committee also held a hearing on physician payment this year and recently published a 30-page paper on potential changes to the system. Congressional Medicare advisers also have been studying physician payment. Next month, they will give Congress some informal ideas for reforms.
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