Philadelphia-based Independence Blue Cross (IBC) announced Friday that it is investing $47 million to launch a new primary care physician payment program.
Under the plan, IBC will offer primary care physicians the opportunity to double their incentive earnings over last year's program by increasing the quality of care they provide while reducing costs, according to Joseph Frick, president and CEO of IBC.
"Real and sustainable healthcare reform includes collaborating with our physician and hospital partners by enhancing incentives for providing safer, higher quality and more cost-effective care – rather than just more care," Frick said.
According to Frick, about 1,800 family and general practitioners, internal medicine practitioners and pediatricians participate in IBC's healthcare provider network.
Tom Lyon, MD, a family practitioner in Mt. Airy, Pa., said he is encouraged by the new payment model, which he believes will help provide IBC members with "the highest quality and most affordable care."
According to IBC executives, the new incentive program will begin July 1 and include:
- a 10 percent increase in primary care physician pay for in-network services;
- incentives for improving clinical quality outcomes while improving patients' education and access to care;
- rewards for primary care physicians who improve the quality of care compared to nationally accepted standards of quality care.
IBC's new program follows a federal push to move Medicare physician reimbursement to a pay-for-performance model.