You can call this "Shark Tank" for health care.
The federal government announced Thursday it will award up to $840 million over the next four years to applicants who come up with ways to improve medical care and cut overall health costs.
Successful applicants will work with health-care providers to "rethink and redesign" their medical practices to focus on reaching the best medical outcomes for patients and coordinating treatment of them, officials said.
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They hope the program will lead to $1 billion to $4 billion in cost savings over that period, and encourage adoption of the the enusing new strategies by other medical providers. About 150,000 clinicians would benefit from support for the strategies developed by the program, according to the Health and Human Services Department.
"One of the goals of this initiative is preventing 5 million unnecessary hospitalizations," said Dr. Patrick Conway, deputy administrator for innovation and quality at the Centers for Medicare and Medicaid Services, a division of HHS.
"This is an investment in clinicians' ability and desire to transform their practices," said Conway. CMS started accepting applications for the program Thursday.