ARLINGTON, Va.--(BUSINESS WIRE)--The Centers for Medicare & Medicaid Services today issued 2014 quality and financial performance results showing that more Medicare Accountable Care Organizations (ACOs) continue to generate financial savings while improving the quality of care for Medicare beneficiaries by fostering greater collaboration between doctors, hospitals, and health care providers.
When an ACO demonstrates that it has achieved high-quality care and effectively reducing spending of health care dollars above certain thresholds, it is able to share in the savings generated for Medicare. In 2014, 20 Pioneer and 333 Shared Savings Program ACOs generated more than $411 million in savings, which includes all ACOs savings and losses. The results also show that ACOs with more experience in the program 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.
Privia Quality Network is one of the ACOs that generated shared savings.
“Over 1,200 physicians in 3 states have joined the Privia Quality Network with a shared mission of improving outcomes through coordinated care. In just our first year, we rank in the top 15% of all ACOs in the country, and our strong performance is a testament to the ability of independent physicians, who have the right support, technology, and resources, to succeed in shared savings. We’re proud of our doctors, providers, and care team members for their commitment to taking unnecessary costs out of the system and providing the highest quality of care to their patients,” said Jeff Butler, Privia Health’s Founder and CEO.
For more detailed quality and financial results, click here: https://www.cms.gov/Medicare/Medicare-Fee-for-Service-Payment/sharedsavingsprogram/Downloads/2015-06-04-Fact-Sheet-MSSP-ACO-Final-Rule-.pdf
Visit the Medicare Shared Savings Program News and Updates webpage to access the HHS press release and fact sheet, the link to the Performance Year 2014 results file, and to learn more about the program.