In the fourth performance year of the demonstration (October 1, 2015–September 30, 2016), the Centers for Medicare & Medicaid Services (CMS) found that the actual expenditures for IAH practices’ applicable beneficiaries were approximately 8.9 percent (equating
to $32.9 million) below their spending targets, an average reduction of $2,814 per beneficiary. For performance
per-beneficiary-per-month (PBPM) expenditures   of their beneficiaries relative to the practice’s PBPM spending target.