From the HHS News Release:

Up to $1 billion dollars will be awarded to innovative projects across the country that test creative ways to deliver high quality medical care and save money. Launched by the Department of Health and Human Services, the Health Care Innovation Challenge will also give preference to projects that rapidly hire, train and deploy health care workers.

Funded by the Affordable Care Act, the Health Care Innovation Challenge will award grants in March to applicants who will implement the most compelling new ideas to deliver better health, improved care and lower costs to people enrolled in Medicare, Medicaid and the Children’s Health Insurance Program, particularly those with the highest health care needs. The Challenge will support projects that can begin within six months. Additionally, projects that focus on rapid workforce development will be given priority when grants are awarded.

Awards will be expected to range from approximately $1 million to $30 million over three years. Applications are open to providers, payers, local government, community-based organizations and particularly to public-private partnerships and multi-payer approaches. Each grantee project will be evaluated and monitored for measurable improvements in quality of care and savings generated.

For more information, including a fact sheet and the Funding Opportunity Announcement, please see the Health Care Innovation Challenge initiative web site at: www.innovation.cms.gov

View the CMS Fact Sheet here.

View the entire press release here.