In this episode of the Pop Health Podcast, Coral's Trevor Abeyta is joined by Araceli Santistevan, Payment Reform Unit Supervisor at the Colorado Department of Health Care Policy and Financing, and Andy Wilson, Managing Director for Analytics at Third Horizon Strategies. Together they discuss Colorado Medicaid’s APM 2 primary care capitation model, exploring what has worked, key challenges such as rate setting and post-COVID utilization changes, and lessons for states pursuing value-based payment.