Value-Based Care Company Outperforms Benchmarks For Eighth Consecutive Year, Shares Bonus Payments With Participating Physicians
MIAMI, Jan. 4, 2024 /PRNewswire-PRWeb/ -- Genuine Health Group, a Miami value-based care enterprise, announced its accountable care organizations (ACOs) saved the Medicare system $32.2 million in 2022. Genuine Health Direct, the company's ACO REACH entity, achieved $16.3 million in gross savings, placing it in the top 25% of all ACO REACH programs in the nation. It also achieved a 100% grade for quality. The 2022 financial and quality performance results, tabulated by the Centers for Medicare and Medicaid Services (CMS), were released this quarter.
Genuine Health Group's providers work in close collaboration with the company to deliver outstanding healthcare with measurably better medical outcomes while simultaneously reducing the cost of care, and, as a result of their contribution, the company shares a portion of the earned savings with these providers.
The $32.2 million in savings represents the difference between the projected Medicare spending for beneficiaries aligned with Genuine Health Group's ACO and the actual cost of care, factoring in patients' age and health conditions. Medicare beneficiaries under the care of Genuine Health Group's participating physicians required less costly interventions, like hospitalizations, than typical patients enrolled in traditional fee-for-service Medicare. The savings in care delivery result from Genuine Health Group's proven care model that focuses on disease prevention, improved access to care, and medication adherence – the foundation of Genuine Health Group's value-based care strategy.
"Transforming healthcare delivery is at the heart of our mission at Genuine Health Group," said the company's CEO, Joe Caruncho. "The tens of millions of dollars in savings we achieved in 2022 is not just a number. It's a testament to our success in delivering better care and ensuring a healthier future for our Medicare beneficiaries. Our participating physicians share in our success, and we're proud of what we have accomplished together."
Through its participation in the Medicare Shared Savings Program (MSSP), which is designed to increase access to high-quality, affordable, and patient-centered healthcare, Genuine Health Group reported $15.9 million in total savings . Its Basic Level B MSSP program ranked in the top 4% nationwide, with savings of $9.5 million, while its enhanced MSSP program ranked among the top 20% of similar ACOs, with savings of $6.4 million.
"Our team has collectively elevated the standard of care for Medicare beneficiaries," said Chief Medical Officer and Genuine Health Group co-founder, Dr. Orlando Fernandez-Lopez. "These achievements result from Genuine Health Group's approach to value-based care, and they show our model can benefit everyone – physicians and their patients."
In addition to saving the Medicare system more than $32 million in 2022, Genuine Health Direct received a 100% quality score for Genuine Health Direct. The perfect score is based on physicians' performance and Genuine Health's support programs that include home health visits for patients leaving the hospital and robust care for patients with chronic conditions, including those with diabetes, congestive heart failure, and COPD.
This year, Genuine Health Group received additional recognitions, including placing as a finalist in the South Florida Business Journal's "Business of the Year" competition. In addition, Genuine was named a "Best Place To Work" and a "Top Private Company" by the South Florida Business Journal.
For press inquiries, please contact Meieli Sawyer at (305) 668-0070 or [email protected].
About Genuine Health Group
Genuine Health Group is an analytics-driven healthcare company that assists physicians and health plans in successfully transitioning to value-based payment models.
The statements contained in this document are solely those of the authors and do not necessarily reflect the views or policies of CMS. The authors assume responsibility for the accuracy and completeness of the information contained in this document.
Media Contact
Meieli Sawyer, The Weinbach Group, (305) 668-0070, [email protected], https://www.weinbachgroup.com/
SOURCE Genuine Health Group
Share this article