HealthLynked Corp. Announces ACO Health Partners Earns $768k in Shared Savings Revenue and a Fourfold Growth in Covered Medicare Beneficiaries
NAPLES, Fla., Oct. 8, 2020 /PRNewswire/ — HealthLynked Corp. (OTCQB: HLYK), a global healthcare network focused on the care management of its members and healthcare technologies by connecting doctors, patients, and medical data, today announced ACO Health Partners, LLC, a Jacksonville based Accountable Care Organization (ACO) owned and managed by Cura Health Management, LLC, a wholly-owned subsidiary of HealthLynked Corp, has reported its third consecutive year of shared savings.
According to recently released performance results from the Centers for Medicare and Medicaid Services “CMS”, the federal agency that administers Medicare, ACO Health Partners improved care for its Medicare beneficiary population and reduced cost for Medicare by $1,535,487 while meeting it’s quality and cost goals in 2019.
Medicare data shows that ACO Health Partners also earned a positive quality score by meeting performance measures ranging from preventive health checks to use of computerized health records, as well as preventing avoidable hospitalizations. The $1.5 million of gross savings resulted in a shared savings payment of $767,743 to ACO Health Partners, its third consecutive year of shared savings. In addition, ACO Health Partners’ ongoing Medicare beneficiary growth initiatives resulted in a four-fold increase in the ACO’s covered beneficiary base to 11,500 going into the 2021 savings year. Savings are anticipated to grow at the same rate or better.
A market-based solution to combat fragmented and costly care, ACOs empower local physicians, hospitals, and other providers to work together and take responsibility for improving quality, enhancing patient experiences, and keeping care affordable. The Medicare Shared Savings Program (MSSP) creates incentives for ACOs to invest in transformative care solutions by allowing them to share in savings generated after meeting defined quality and cost goals.
“As the management organization for ACO Health Partners, our core work begins with using data analytics to identify opportunities to better address the needs of the patients in order to improve outcomes. When providers work together through an ACO to focus on patients and invest in care coordination and other care improvements, they can both increase quality and reduce costs” said Marsha Boggess, CEO of Cura Health Management. “This insight, coupled with actionable disease-specific programs, equips our providers to prepare and execute effective care plans for patients, particularly those who need the most care. This patient-centric approach helps patients take advantage of preventive care programs such as annual wellness visits and recommended screenings, as well as programs designed to smooth transitions from facility care to home.”
The ACO model served 11.2 million seniors and saved Medicare $2.6 billion in 2019. “These results reinforce the value ACOs have had on improving cost and quality within the Medicare population as well as the influence they have had on the rest of the healthcare system.”, said Nicole Bradberry, CEO of the Florida Association of ACOs and advisor to HealthLynked. “The COVID-19 pandemic underscored the value that ACOs have brought to the table in the organized way they were able to help doctors respond to an unprecedented time. Initiatives such as telehealth and care coordination mitigated what could have been panic within the delivery system.”
In addition to the positive 2019 results from CMS, multiple analyses have shown ACOs are lowering Medicare spending by 1 to 2 percent, which translates into tens of billions of dollars of reduced Medicare spending when compounded annually.
The Medicare ACO shared savings program is the largest value-based payment model in the country. HealthLynked entered this space in 2019 with the acquisition of ACO Health Partners and its management company, Cura Health Management. ACO Health Partners was one of 541 ACOs contributing to savings in 2019.
“We see ACOs as an important component of our business strategy, contributing to the health system as it moves to better value; for our patients, our providers, and our shareholders,” said George O’Leary, Chief Financial Officer, HealthLynked Corp. “We are committed to supporting our providers in this journey through enhanced infrastructure and programs as ACO Health Partners increased to 11,500 Medicare beneficiaries as we approach 2021.”
About HealthLynked Corp.
HealthLynked Corp. provides a solution for both patient members and providers to improve healthcare through the efficient exchange of medical information. The HealthLynked Network is a cloud-based platform that allows members to connect with their healthcare providers and take more control of their healthcare. Members enter their medical information, including medications, allergies, past surgeries, and personal health records, in one convenient online and secure location, free of charge. Participating healthcare providers can connect with their current and future patients through the system. Benefits to in-network providers include the ability to utilize the HealthLynked patent-pending patient access hub “PAH” for patient analytics. Other benefits for preferred providers include HLYK marketing tools to connect with their active and inactive patients to improve patient retention, access more accurate and current patient information, provide more efficient online scheduling, and to fill last-minute cancelations using the Company’s “real-time appointment scheduling” all within its mobile application. Preferred providers pay a monthly fee to access these HealthLynked services. For additional information about HealthLynked Corp., please visit www.healthlynked.com and connect with HealthLynked on Twitter, Facebook, and LinkedIn.
About ACO Health Partners, LLC
ACO Health Partners is a Jacksonville Florida-based accountable care organization, (ACO) with participating providers in Florida, Indiana, North Carolina, and New Jersey. ACO Health Partners is one of the oldest ACOs in the country, founded in 2013. Since that time ACO Health Partners, while consistently demonstrating quality, has saved the Medicare program nearly $11 million dollars, by working with more than 478 providers, and impacting over 53, 275 Medicare beneficiaries. ACO Health Partners is managed by Cura Management Group, a value services organization providing leadership and infrastructure facilitate success in Medicare’s Shared Savings Program (MSSP).
About Cura Health Management, LLC
CURA Health Management, LLC, a HealthLynked company, is a healthcare enablement company that empowers local market provider entrepreneurs to own and operate their own Value Service Organizations in a franchise-like model that extends their reach and capabilities to maximize revenue, deliver quality care and improve patient outcomes. Their innovative resources and expert solutions are administered as an extension of providers’ current in-practice resources, expanding care coordination and care management services, and value-based analytics. These solutions support financial success within both traditional payment models and expansion to new services, allowing partners to succeed within current and ever-emerging value-based payment models.
Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Our actual results, including as a result of any acquisitions, performance, or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by our management, and us are inherently uncertain. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. Certain risks and uncertainties applicable to our operations and us are described in the “Risk Factors” section of our most recent Annual Report on Form 10-K and in other filings, we have made with the U.S. Securities and Exchange Commission. These reports are publicly available at www.sec.gov.
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