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Welcome to "Investing in Value-Based Health Care," a special supplement to Hospitals & Health Networks developed in conjunction with Citi and the Healthcare Financial Management Association. This is the 14th year of a partnership that seeks to promote the exchange of information between hospitals and health systems and the investment community.

This year, the focus is on the transition to value-based care and some of the critical ingredients to get there. Hospitals and health systems are embracing change, enhancing operational efficiency and developing strategic partnerships and new business models to ensure success and sustainability. The provider-investor dialogue takes on greater importance during this period of change, as access to capital and its application will help contribute to transformation and a higher-performing health care system.

This supplement will be distributed at the 14th Annual Non-Profit Health Care Investor Conference. We thank Citi and HFMA for their continued support and hope that this supplement will be of value to your organization.


Neil Jesuele
Executive Vice President, AHA Leadership and Business Development President, Health Forum

Investing in Value-Based Health Care

As health care transformation kicks into high gear, hospitals step up efforts to rein in costs and boost quality
By Julius A. Karash

Expert Commentaries

American Hospital Association - A Commitment to Value, Unleashed
By Rich Umbdenstock

Healthcare Financial Management Association - Defining Value
By Joseph Fifer

Catholic Health Partners - Reducing the Cost of Care
By Michael D. Connelly

Citi Global Markets Inc. - Directing Capital to Value-Makers
By Frederick A. Hessler

Sentara Healthcare - Managing Risk in a Population
By David Bernd

Siemens Healthcare - IT: Key Enabler of Value-Based Care
By John Glaser

Dear Reader
Frederick A. Hessler
Managing Director and Health Care Group Head
Citigroup Global Markets Inc.