Bundled payment
Bundled Payment
Bundled payment (pronunciation: /ˈbʌndəld ˈpeɪmənt/) is a method of healthcare payment that providers agree to accept a fixed amount of money for a defined episode of care, such as a hospital stay or a hip replacement. The concept of bundled payment is to create incentives for providers to coordinate care and be accountable for the patient's entire episode of care.
Etymology
The term "bundled payment" is derived from the English words "bundle" and "payment". "Bundle" (from Middle English bundle, of unknown origin) refers to a collection of things, or a quantity of material, tied or wrapped up together. "Payment" (from late Middle English payment, from the verb pay) refers to the action or process of paying someone or something, or of being paid.
Related Terms
- Episode of care: A healthcare term for the treatment and procedures a patient undergoes for a specific illness or injury.
- Fee-for-service: A payment model where services are unbundled and paid for separately.
- Capitation: A payment arrangement for health care service providers where they receive a set amount for each enrolled person assigned to them, per period of time, whether or not that person seeks care.
- Value-based healthcare: A healthcare delivery model in which providers, including hospitals and physicians, are paid based on patient health outcomes.
See Also
External links
- Medical encyclopedia article on Bundled payment
- Wikipedia's article - Bundled payment
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