ARLINGTON, Va.--(BUSINESS WIRE)--Privia Health (“Privia”) announced today that each of its Accountable Care Organizations (ACOs) across the national Privia Quality Network delivered quality care and improved patient outcomes, saving Medicare and the American healthcare system more than $70 million through the Medicare Shared Savings Program (MSSP). The Privia Health ACOs improved the health of their communities, providing high-value, cost-efficient care to more than 146,000 Medicare beneficiaries in 2018.
These company-wide results reflect Privia’s commitment to arming independent physicians with the tools, talent and technology to meet patients where they are — online, in the care center and virtually — to transform the healthcare delivery experience by focusing on general wellness initiatives, helping patients recover from illnesses and injuries more quickly and proactively avoiding and managing chronic disease conditions.
“We are extremely proud of our latest MSSP results that reflect the commitment of our physicians, care management teams and staff to deliver quality, convenient care to patients and their families,” said Shawn Morris, CEO, Privia Health. “We will continue to empower our independent physicians and provide them with the resources they need to maximize their operations and deliver an ideal patient experience.”
Privia Quality Network’s four ACOs participating in the MSSP include physicians in Georgia, Maryland, Texas, Virginia and Washington, DC. The amount of Medicare healthcare expenses under management by these ACOs has grown from $111 million (2014) to $1.4 billion (2018).
In addition to the significant 2018 savings Privia generated, other noteworthy highlights include:
- Grew MSSP shared savings in its communities more than 40% from $48 million in 2017 to more than $70 million in 2018.
- Delivered across all four ACOs overall 2018 outpatient spend 22% lower than median MSSP ACO and 32% lower than total Fee for Service Medicare.
- Achieved over a 93% quality score in each region during 2018.
Since Privia’s inception into the MSSP in 2014, the ACOs have generated a cumulative savings of more than $137 million. Established through the Affordable Care Act, MSSP facilitates coordination and cooperation among providers that form ACOs to improve health outcomes, increase the standards of care and reduce unnecessary costs, benefiting more than 9 million patients.
At the end of 2018, the Centers for Medicare & Medicaid Services (CMS) overhauled MSSP requiring ACOs to take on risk and to help generate sustainable program-wide savings for patients while safeguarding high-quality care. Referred to as “Pathways to Success,” the MSSP renovation streamlines the participation options available to encourage ACOs to gradually transition to performance-based risk to increase savings. Privia has chosen the Enhanced risk track in applicable markets.
Morris added, “After five years participating in MSSP, we share with our providers great confidence in our ability to deliver against the industry’s quadruple aim in cost, quality and satisfaction for patients and physicians. With our physicians, we continue to develop and enhance processes that move markets and enable appropriately managed provider organizations to transition from fee for service to value-based care models.”
Today, Privia Quality Network’s participation includes more than 2,500 providers caring for nearly 200,000 patients in the MSSP. Since 2014, the company has delivered total shared savings across government programs and commercial payers of more than $200 million.
About Privia Health
Privia Health is a national physician organization meeting providers where they are to transform the healthcare delivery experience. Through high-performance physician groups, accountable care organizations, and population health management programs, Privia works in partnership with health plans, health systems and employers to better align reimbursements to quality and outcomes. Our physician-led model, scalable systems and proprietary technology reduce unnecessary healthcare costs, achieve better outcomes, and improve the health of patients we serve. For more information: www.priviahealth.com. @PriviaHealth