The CMS Medicare Shared Savings Program retained $1.66 billion in 2021 compared to spending targets, according to an Aug. 30 press release shared with Becker's.
The Medicare Shared Savings Program worked with Accountable Care Organizations to attain the savings. This is the fifth consecutive year the program has generated savings and performance results.
CMS Deputy Administrator and Director of the Center for Medicare, Meena Seshamani, MD, PhD, said that they are inspired by consecutive years of savings and the associated quality improvement.
"Learnings from the Shared Savings Program can and should be applied across the industry, driving higher quality care system-wide. CMS looks forward to continually improving the program, expanding the reach of participating ACOs and addressing critical health disparities across the country," Dr. Seshamani said.
CMS Administrator Chiquita Brooks-LaSure said that the program demonstrates how a coordinated care approach can improve quality and patient outcomes while reducing costs.
"Accountable Care Organizations are a true Affordable Care Act success story, and it is inspiring to see the results year after year," Ms. Brooks-LaSure said.
The Share Savings Program has grown into one of the largest value-based purchasing programs in the country over the last decade. Ninety-nine percent of accountable care organizations reported and met the quality standard required to share in savings under the Shared Savings Program, according to the press release.