value-based arrangements (a) In general Section 1128B(b) of the Social Security Act (42 U.S.C. 1320a–7b(b)) is amended by adding at the end the following new paragraph: (5) (A) Paragraphs (1) and (2) shall not apply to any remuneration exchanged under a value-based arrangement (as defined in subparagraph (B)) directly or indirectly between, among, or on behalf of one or more parties paid under such arrangement. (B) For purposes of this paragraph, the term value-based arrangement means an arrangement that meets the following criteria: (i) The arrangement is set out in writing in advance of the execution of the arrangement and specifies the health care items and services covered by the arrangement. (ii) The arrangement is reasonably related to one or more of the goals described in section 399KK–1(a) of the Public Health Service Act. (iii) The arrangement— (I) is a value-based risk-sharing transaction (as defined in subparagraph (C))