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.
KentuckyOne Health Partners is one of the ACOs that generated savings. The organization saved Medicare approximately $5.6 million and generated a shared savings payout of more than $2.1 million in 2014.
“In two short years, we have already begun to realize significant savings for CMS while continuing to improve care for our patients,” said Don Lovasz, president, KentuckyOne Health Partners. “We are very proud of the results that our clinicians and facilities have achieved thus far. The team is committed to better health, better care, better experience and lower cost for all patients touched by our providers.”
For more detailed quality and financial results, click here: Fact Sheet.
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.
About KentuckyOne Health Partners
KentuckyOne Health Partners is a clinically integrated network of over 1,600 providers, 15 hospitals and 27 skilled nursing facilities across Kentucky, as well as regional areas in Indiana and Ohio. Accepted into the Medicare Shared Services Program, KentuckyOne Health Partners is one of the largest Accountable Care Organizations (ACOs) that works with its broad provider network to ensure all its patients have better health, better care and a better experience. The state-of-the-art care management information system and the best-in-class care management teams have repeatedly demonstrated improved outcomes for its patients, that also results in cost-savings. KentuckyOne Health Partners has twice been recognized among “100 Accountable Care Organizations to Know” by Becker’s Hospital Review and is ranked by Modern Healthcare as one of the Top 25 ACOs in the country.