The Value in Health Care Act of 2023 aims to increase doctor and hospital participation in Medicare's shared savings program, which rewards healthcare providers for reducing costs while maintaining quality. The bill removes participation barriers for smaller providers, makes the Medicare cost-calculation methodology more transparent and appealable, and allows for a new full-risk payment option where providers could earn 100 percent of savings. The legislation also extends deadlines for providers to enter risk-sharing arrangements and modifies payment incentives under alternative payment models, with increases phasing in through 2027. Additionally, the bill directs the Centers for Medicare and Medicaid Services to submit a report on benchmarking practices and requires the Government Accountability Office to study how well alternative payment models support different types of providers, including rural, small, and safety-net providers.
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