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The financial challenges facing hospitals and health systems—from the One Big Beautiful Bill’s looming impacts to difficult operating conditions—are also keeping insurers up at night.

Forward-looking healthcare systems aren’t waiting for conditions to stabilize. They are moving deliberately toward strategic partnerships that position them for long-term relevance and resilience.

Health system leaders focused on the day-to-day needs of their organization can sometimes lose sight of key developments in other sectors of healthcare. But in an interconnected healthcare ecosystem, understanding the trendlines their payer counterparts are facing is an essential task.

For more than a decade, hospitals, payers, and other healthcare stakeholders have experimented with moving healthcare payment from fee-for-service, volume-based contracts to arrangements that reward providers for the value of the care they provide.