This document summarizes bundled payment models used by Medicare and Medicaid. It describes the history of bundled payments, CMS's BPCI Medicare models which include inpatient and post-acute care bundles, and TennCare's Medicaid model. The TennCare model aims to coordinate care through designated accountable providers and uses gain-sharing incentives to reward high quality, cost-efficient care. An evaluation found the TennCare model reduced costs for perinatal care, asthma, and joint replacements in its first year.