The Missouri Department of Social Services is beginning a ‘Medicaid Transformation’ with an overarching objective to “build a best-in-class program that addresses the needs of Missouri’s most vulnerable population in a way that is financially sustainable.” Director of MO HealthNet, Missouri’s Medicaid program, Todd Richardson has indicated that a primary undertaking will be to implement value-based care, although it is less clear how this goal will be translated into policies and programs. MO HealthNet should consider a variety of approaches along the continuum of value-based arrangements and learn from other states in designing its transformation projects.