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Physician-led accountable care organizations (ACOs) represented approximately 45% of all ACOs (about 549 of 1,221 total ACOs included in the study), as of December 2018. During this year, hospital-led ACOs accounted for approximately 25% of all ACOs, and joint-led ACOs represented 30%. ACOs consist of health care provider organizations that accept responsibility for the cost and quality outcomes of a defined population. Physician-led ACOs are defined as organizations that are involved in ACOs that do not involve hospitals directly in the payment arrangement, or in the broader organization.

As of December 2018, an estimated 28 . . .

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