Accountable Care Organizations (also commonly known as ACOs) have been all the buzz over the past two years as a way to curb our skyrocketing healthcare costs. Accountable Care Organizations are no longer an idealistic concept, now these networks are truly proving their worth. In 2014, 20 pioneer and 333 shared savings program ACOs generated more than $411 million in savings. In just its first year, we are proud to report that Privia Health’s ACO, Privia Quality Network (PQN), was named in the top 15% of ACOs in the nation.
This holiday season, Privia is grateful for all of our physicians who work hard to provide next-level healthcare to their patients. Because of their work, our physicians were able to share in the savings they generated. Below are a few pictures of our physicians receiving their Shared Savings checks last month:
The rise in ACO’s is undeniable and beneficial to physicians, hospitals, patients, payers, and other stakeholders alike. Payers are “shifting tens of billions of dollars in payments to doctors and hospitals through ACOs with Aetna, Anthem, Cigna, and UnitedHealthGroup along with most Blue Cross and Blue Shield plans escalating their contracting with such entities.”
However, it is still not easy to create a successful ACO. In fact, “three out of four medicare accountable care organizations did not slow health spending enough to earn bonuses last year.”
What is essential for an ACO to succeed? We think that it can be boiled into four main categories:
- Sophisticated technology
- Exceptional providers committed to lowering the cost of care delivery
Join us in 2016 as we dive into each of these categories and how they are making an impact in delivering affordable, high-quality healthcare.
Learn more about Privia Quality Network.