MOBILE, Ala.--(BUSINESS WIRE)--CPSI (NASDAQ: CPSI), a community healthcare solutions company, today announced the first round of charter members for the CPSI Rural Accountable Care Organization (ACO) Program, powered by Caravan Health. CPSI is bringing its leadership and experience to the value-based care arena through a strategic partnership with Caravan Health, the market leader in rural ACOs and value-based payments. More than 50 healthcare facilities have signed letters of intent to be the first members of the CPSI Rural ACO Program, while over 100 other facilities have expressed interest in the program.
“We believe this program will help small, rural communities in their drive to manage the health of their populations through value-based care,” said Boyd Douglas, president and chief executive officer of CPSI. “We are excited about partnering with community healthcare leaders and providers and providing a best-practice, highly engaged process that supports each community. By working together, CPSI and Caravan Health are helping to remove the barriers rural providers face in participating in an ACO. We are minimizing up-front costs while providing the tailored tools and training needed to transform healthcare delivery in their communities.”
“We were interested in the CPSI Rural ACO Program for several reasons,” said Marvin Neth, chief executive officer of Callaway District Hospital and Medical Clinics located in Callaway, Nebraska. “We have explored the transition to delivering value-based care by participating in an ACO before, but the steep financial requirements and risk were barriers. The CPSI Program addresses the financial hurdle, and Caravan Health’s successful track record gives us confidence. No other ACO program we explored offered the level of educational support and proven tools that come with this program.”
“This program is a great opportunity for rural providers to transition to value-based care with minimal risk,” said Lynn Barr, chief executive officer of Caravan Health. “This is an exciting opportunity of which we hope others continue to take advantage.”
Barr added that Caravan Health was able to achieve shared savings that were 257% greater than the national average based on 2015 Centers for Medicare & Medicaid Services data. When this program is combined with the solutions offered by the CPSI family of companies, communities can live healthier, more vibrant lives by leveraging the collective strengths of CPSI and Caravan Health.
CPSI is a leading provider of healthcare solutions and services for community hospitals plus other healthcare systems and post-acute care facilities. Founded in 1979, CPSI is the parent of four companies – Evident, LLC, TruBridge, LLC, Healthland Inc., and American HealthTech, Inc. Our combined companies are focused on helping improve the health of the communities we serve, connecting communities for a better patient care experience, and improving the financial operations of our customers. Evident provides comprehensive EHR solutions and services for community hospitals. TruBridge focuses on providing business, consulting, and managed IT services along with their RCM product, Rycan, providing revenue cycle management workflow and automation software to hospitals, other healthcare systems, and skilled nursing organizations. Healthland provides integrated technology solutions and services to small rural and critical access hospitals. American HealthTech is one of the nation’s largest providers of financial and clinical technology solutions and services for post-acute care facilities. For more information, visit www.cpsi.com, www.evident.com, www.trubridge.com, www.healthland.com, www.healthtech.net or www.rycan.com.
About Caravan Health
Caravan Health supports more than 17,000 independent primary care providers making the transformation to value-based payments with affordable, simple solutions that achieve outstanding results through Practice Transformation Networks (PTNs), Accountable Care Organizations (ACOs) and now Comprehensive Primary Care Plus (CPC+). For more information, go to www.caravanhealth.com.
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified generally by the use of forward-looking terminology and words such as “expects,” “anticipates,” “estimates,” “believes,” “predicts,” “intends,” “plans,” “potential,” “may,” “continue,” “should,” “will” and words of comparable meaning. Without limiting the generality of the preceding statement, all statements in this press release relating to estimated and projected earnings, margins, costs, expenditures, cash flows, growth rates, the Company’s level of recurring and non-recurring revenue and backlog, the Company’s shareholder returns and future financial results are forward-looking statements. We caution investors that any such forward-looking statements are only predictions and are not guarantees of future performance. Certain risks, uncertainties and other factors may cause actual results to differ materially from those projected in the forward-looking statements. Such factors may include: overall business and economic conditions affecting the healthcare industry, including the potential effects of the federal healthcare reform legislation enacted in 2010, and implementing regulations, on the businesses of our hospital customers; government regulation of our products and services and the healthcare and health insurance industries, including changes in healthcare policy affecting Medicare and Medicaid reimbursement rates and qualifying technological standards; changes in customer purchasing priorities, capital expenditures and demand for information technology systems; saturation of our target market and hospital consolidations; general economic conditions, including changes in the financial and credit markets that may affect the availability and cost of credit to us or our customers; our substantial indebtedness, and our ability to incur additional indebtedness in the future; our inability to generate sufficient cash in order to meet our debt service obligations; restrictions on our current and future operations because of the terms of our senior secured credit facilities; market risks related to interest rate changes; our ability to successfully integrate the businesses of Healthland, American HealthTech and Rycan with our business and the inherent risks associated with any potential future acquisitions; competition with companies that have greater financial, technical and marketing resources than we have; failure to develop new or enhance current technology and products in response to market demands; failure of our products to function properly resulting in claims for losses; breaches of security and viruses in our systems resulting in customer claims against us and harm to our reputation; failure to maintain customer satisfaction through new product releases or enhancements free of undetected errors or problems; interruptions in our power supply and/or telecommunications capabilities, including those caused by natural disaster; our ability to attract and retain qualified customer service and support personnel; failure to properly manage growth in new markets we may enter; misappropriation of our intellectual property rights and potential intellectual property claims and litigation against us; changes in accounting principles generally accepted in the United States; fluctuations in quarterly financial performance due to, among other factors, timing of customer installations; and other risk factors described from time to time in our public releases and reports filed with the Securities and Exchange Commission, including, but not limited to, our most recent Annual Report on Form 10-K. Relative to our dividend policy, the payment of cash dividends is subject to the discretion of our Board of Directors and will be determined in light of then-current conditions, including our earnings, our operations, our financial conditions, our capital requirements and other factors deemed relevant by our Board of Directors. In the future, our Board of Directors may change our dividend policy, including the frequency or amount of any dividend, in light of then-existing conditions. We also caution investors that the forward-looking information described herein represents our outlook only as of this date, and we undertake no obligation to update or revise any forward-looking statements to reflect events or developments after the date of this press release.