The Obama administration on Wednesday announced a $1 billion initiative to bring down health care costs and improve health care delivery.

Health and Human Services Secretary Kathleen Sebelius said the second round of Health Care Innovation Awards under the Patient Protection and Affordable Care Act will fund applicants who have a high likelihood of driving health care system transformation and delivering better outcomes.

"I'm excited to see the innovative ideas these applicants will bring to the table," Sebelius said in a statement. "Organizations from the public and private sectors throughout the country are finding creative solutions to our health care system challenges and these awards will continue to stimulate these ideas."

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