In order to analyze the policy mechanism of medical insurance payment reform to promote the win-win among three sides of ' hospitals, medical insurance, and patients ', and put forward policy suggestions for deepening reform in the future, this paper systematically searches the policy texts of medical insurance payment reform at the national level in China from 2009 to 2022, and uses the grounded theory research method to analyze the collected 186 policy texts in three levels of coding, so as to identify and extract the policy mechanism analysis framework of medical insurance payment reform to promote the win-win among three sides of ' hospitals, medical insurance, and patients '. After repeated analysis, comparison and connection, 62 initial categories, 11 subcategories and 5 main categories are extracted from the policy text. The results show that each concept and category complement each other and promote each other. The five main categories of fund management, cost control, behavior change, resource allocation and rights and interests protection are different aspects in the reform, and jointly promote the win-win among three sides of ' hospitals, medical insurance, and patients ' in different ways to achieve a win-win situation. Based on the results of policy text analysis, combined with the practical problems encountered in the practice of promoting the reform of payment methods in China, this paper puts forward policy suggestions for achieving the win-win among three sides of ' hospitals, medical insurance, and patients ' from the above five aspects.