Presence Health Selected to Participate in Medicare Shared Savings Program
CHICAGO, Dec. 13, 2012 /PRNewswire-USNewswire/ -- The Centers for Medicare and Medicaid Services (CMS) of the U.S. Department of Health and Human Services notified Presence Health on December 11, 2012 that its Medicare Accountable Care Organization (ACO) application met the requirements for participation and was awarded a 3-year contract.
In September 2012, Presence Health applied to CMS to become part of the Medicare Shared Savings Program (MSSP) under the name Medicare Value Partners (MVP). The 3-year contract will begin on January 1, 2013. Under the program, MVP will manage all of the healthcare needs of approximately 16,000 Medicare patients for at least three years. The program provides financial incentives for improved quality and reduced costs.
"This marks an exciting milestone for the organization as we join an elite group of health systems who are seeking to raise the bar on quality while lowering costs," said David DiLoreto, M.D., Chief Medical and Innovation Officer, Presence Health.
"Medicare Value Partners will transform care for our Medicare patients by improving access, quality, and patient satisfaction while reducing costs," stated Richard Ferrans, M.D., System Vice President for Presence Health and Chief Executive Officer of Medicare Value Partners. "We are committed to working with our physicians and other providers in new ways that benefit our patients through care coordination and care management, as well as creating new opportunities to engage patients in improving their health."
An ACO is a network of physicians, hospitals, and other healthcare providers that shares responsibility for providing care for an identified patient population, with the goal of ensuring that these patients get the right care at the right time with the best quality.
About Presence Health
Presence Health is the largest Catholic health system based in Illinois, created in November, 2011 through the merger of Provena Health and Resurrection Health Care. With over 100 sites of care, including 12 hospitals, Presence Health has 22,000 employees, 4,000 medical professionals and a revenue base of nearly $3 billion. Visit presencehealth.org to learn more.
SOURCE Presence Health