Genuine Health Group Saves Medicare $4 Million And Keeps Half To Share With Its Doctors
Centers For Medicare And Medicaid Services Rewards Genuine Health ACO For Delivering High Quality Care And Lowering Costs
MIAMI, Sept. 21, 2020 /PRNewswire-PRWeb/ -- Genuine Health Group, the fast-growing healthcare company that contracts with physicians to help them deliver better care while reducing unnecessary expenses, announced its accountable care organization, Genuine Health ACO, saved the Medicare system $4 million in 2019. The multi-million-dollar savings, confirmed by the Centers for Medicare and Medicaid Services (CMS), demonstrates the company's success in delivering superior health outcomes, at a much lower cost than outdated, fee-for-service models of care.
Genuine Health ACO's $4 million in savings is based on how much Medicare anticipated spending on total healthcare costs for the population of beneficiaries Genuine Health's doctors take care of. It is adjusted for these patients' ages and health circumstances, including the high cost of managing chronic diseases. In order to meet the criteria set by CMS, Genuine Health has to do more than just reduce expenses. The evaluation requires high quality scores for patient satisfaction, timely care delivery, and low hospital readmission rates. In short, Genuine Health ACO kept its beneficiaries healthy at a lower cost than similar populations enrolled in traditional Medicare.
"Since 2016, Genuine Health Group has built an innovative approach to advance value-based care," said Joe Caruncho, CEO of Genuine Health Group. "We have built a network of likeminded, high-performing doctors who are improving overall care and moving our industry forward. And the proof is in the numbers – nearly $4 million in savings and $2 million for our company, much of which will go directly into the pockets of our participating physicians."
In 2019, as confirmed by CMS, Genuine Health ACO moved the needle on its quality score to 99.19%. Because Genuine operates under the Medicare Shared Savings Program, CMS will reward the company by returning half the savings, or approximately $1.9 million, to Genuine Health Group. The ACO will then distribute much of the performance payment to its participating doctors.
"We believe that the most cost-effective care is high-quality care. Saving millions of dollars while achieving a near-perfect 99.19% quality score proves that our model works," said Dr. Orlando Lopez-Fernandez, Jr., chief medical officer for Genuine Health Group. "Our physicians invest the necessary time, and Genuine Health provides advanced technology, innovative programs like home health visits for patients transitioning from the hospital, and intense monitoring and care for patients with chronic conditions, such as diabetes, COPD, and congestive heart failure."
Genuine Health Group has agreements with more than 200 doctors and also operates several other business lines, such as Genuine Health Management and Genuine Health At Home. Genuine was recently named one of the fastest growing companies in South Florida, ranking in the top five among companies with revenue over $25 million.
For more information about Genuine Health Group, or to inquire about joining the Genuine Health ACO, please contact Meieli Sawyer at [email protected] or visit the company's recruitment page.
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.
SOURCE Genuine Health Group
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