Value-based purchasing (VBP) refers to a broad set of performance-based payment strategies that link financial incentives to providers’ performance on a set of defined measures in an effort to achieve better value. VBP requires the assessment of clinical quality through benchmarking of specific outcome measures. VBP programs administered through the Centers for Medicare & Medicaid Services (CMS) include the Physician Quality Reporting System (PQRS) and Value-Based Payment Modifiers (VM), which are soon to be incorporated into Merit-Based Incentive Payment Systems (MIPS). Benchmarking is also required by accrediting agencies, Quality Improvement Organizations (formerly known as Peer Review Organizations), advocacy groups, corporate America (e.g., Leapfrog Group), specialty society clinical data registries (e.g., Society of Thoracic Surgeons database registry, the American College of Surgeons’ National Surgical Quality Improvement Program, the Anesthesia Quality Institute’s National Anesthesia Clinical Outcomes Registry), insurers and managed care...

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