A total of 360 organizations have entered agreements with the Centers for Medicare & Medicaid Services to assume financial risk for an episode of care during the second phase of the Bundled Payments for Care Improvement Initiative, the agency announced yesterday. The awardees have partnered with 1,755 post-acute care providers, hospitals and physician group practices who participate as “episode initiators” but do not bear risk directly. The initiative is testing four bundled payment models for hospital and/or post-acute care in an effort to better coordinate care and reduce costs. CMS required participants to transition at least one episode of care to the risk-bearing phase by July 1. For more on the initiative and participants, visit innovation.cms.gov/initiatives/Bundled-Payments.