AKRON, Ohio, Aug. 26, 2015 (GLOBE NEWSWIRE) -- 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 is 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.
"We are extremely pleased that our ACO – NewHealth Collaborative – has once again been recognized for achieving significant multi-million dollar savings in the Shared Savings Program," said Dr. Mark Terpylak, president, NewHealth Collaborative. "Our achieved savings of approximately $10.3 million represents a savings rate of 3.7 percent. That far exceeds our assigned minimum savings rate of 2.4 percent on benchmark expenditures of approximately $275 million. Our success as the only ACO in Ohio to earn shared savings in both performance years underscores our commitment to population health management and the outstanding momentum we have as we improve the health of our communities."
CONTACT: Mike Bernstein Public Relations Summa Health (234) 312-5012 firstname.lastname@example.orgSource:Summa Health System