FAIRFAX, Va.--(BUSINESS WIRE)--The Centers for Medicare & Medicaid Services (CMS) announced the 2015 performance year results for the Medicare Shared Savings Program and the Pioneer Accountable Care Organization Model that show physicians, hospitals and health care providers participating in Accountable Care Organizations continue to make significant improvements in the quality of care for Medicare beneficiaries, while achieving cost savings.
In 2015, Medicare Accountable Care Organizations had combined total program savings of $466 million, which includes all Accountable Care Organizations’ experiences, for 392 Medicare Shared Savings Program participants and 12 Pioneer Accountable Care Organization Model participants. The results show that more Accountable Care Organizations shared savings in 2015 compared to 2014, and those with more experience tend to perform better over time.
Medicare ACOs are groups of doctors, hospitals, and other health care providers, who come together voluntarily to provide coordinated high quality care to their Medicare patients. The goal of coordinated care is to ensure that patients, especially the chronically ill, get the right care at the right time, while avoiding unnecessary duplication of services and preventing medical errors. When an ACO exceeds quality and financial thresholds – demonstrating achievement of high-quality care and wiser spending of health care dollars – it is able to share in the savings generated for Medicare.
Virginia Collaborative Care (VCC) is one of the ACOs that shared savings.
Dr. Alok Gupta, VCC Medical Director, said: “For the third year in a row we have been able to generate savings for Medicare and improve quality of care for our Medicare beneficiaries. In 2015 our providers helped generate over $8.8 million in savings for the Medicare Shared Savings Program. We are proud and grateful for their hard work every day to reduce unnecessary costs while improving healthcare quality. Since launching our ACO, we have been able to reduce inpatient visits by 13% and 30-day hospital readmissions by 10%. We've also improved our Medicare quality scores and last year improved in all 8 preventive care measures including tobacco cessation and colorectal screening. It's an honor to play a role improving the health of our Virginia community.”
Visit the Medicare Shared Savings Program News and Updates webpage to access the CMS press release and fact sheet, the link to the Performance Year 2015 results file, and to learn more about the program.