Pay for Performance

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Pay for Performance

Pay for Performance (P4P), also known as value-based purchasing, is a payment model that offers financial incentives to physicians, hospitals, and other health care providers to carry out such improvements and achieve optimal outcomes for patients. Pronounced as /peɪ fɔːr pərˈfɔːrməns/.

Etymology

The term "Pay for Performance" is derived from the English language, where "pay" refers to the act of giving money in exchange for goods or services, and "performance" refers to the act of carrying out or accomplishing an action, task, or function. The term as a whole reflects the concept of financial compensation being directly tied to the effectiveness and efficiency of the provided services.

Definition

In the context of healthcare, Pay for Performance (P4P) is a strategy aimed at improving the quality, efficiency, and overall value of health care. The approach rewards healthcare providers for attaining pre-established targets for delivery of healthcare services. This is done by aligning financial incentives with clinical goals.

Related Terms

  • Healthcare Quality: The degree to which health services for individuals and populations increase the likelihood of desired health outcomes and are consistent with current professional knowledge.
  • Healthcare Provider: A person or organization that provides a healthcare service to you. In other words, your healthcare provider takes care of you.
  • Value-based Purchasing: A strategy used by purchasers to promote quality and value of health care services.
  • Financial Incentives: Monetary rewards given to a business or individual when certain performance targets are met.
  • Clinical Goals: The desired outcome of a medical treatment.

See Also

External links

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