CMS innovation center pledges $1B for new cost-saving models

The Center for Medicare and Medicaid Innovation (CMMI) wants to hear your ideas for new delivery and payment models, the agency announced yesterday.

The CMMI is earmarking up to $1 billion for 100 applicants that propose ways to cut costs for the Medicare, Medicaid and the Children's Health Insurance programs.

The Health Care Innovation Challenge is part of the federal government's attempts to help streamline healthcare delivery ahead of the 2014 enrollment expansion that's part of the Affordable Care Act.

"Each grantee project will be monitored for measurable improvements in quality of care and savings generated," said the agency, a branch of the Centers for Medicare & Medicaid Services (CMS), in a statement.

Healthcare providers, payers, community-based organizations, and public-private partnerships can submit applications. The awards will range in size from $1 million to $30 million for a three-year span.

CMS should receive letters of intent by Dec. 19 and full applications by Jan. 27. Awards will be announced in March.

For more informatio:
- read about the initiative