The value-based payment model is becoming more popular since it focuses on providing high-quality, cost-effective care, whereas the fee-for-service approach is the most prevalent. Fee-for-service is the traditional model where medical providers bill for every service, test, or procedure provided. Medical billing is a crucial component of healthcare that guarantees prompt reimbursement for services provided to patients. In general, patients are liable for any co-pays or deductibles while insurance companies fund medical treatments covered by a patient's coverage.
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