Privia Health Reports Results in CMS’ Medicare Shared Savings Program for the 2022 Performance Year
25 Agosto 2023 - 9:33AM
Privia Health Group, Inc. (Nasdaq: PRVA) today announced that its
Accountable Care Organizations (“ACOs”) achieved shared savings of
$131.7 million through the Medicare Shared Savings Program
(“MSSP”). The seven ACOs (collectively, “Privia Quality Network”)
included more than 2,100 providers delivering high-value,
cost-efficient care to over 163,000 Medicare beneficiaries in 2022.
“This year’s results continue to serve as a
reminder of our ACOs’ successful and replicable operating model,
which is fueled by the use of our proprietary technology and
team-based workflows to improve the health of our communities while
aiming to decrease the total cost of care,” said Mark Foulke,
Privia Health EVP Transformational Value-Based Care. “We’re so
proud of our participating providers and their care teams who put
patients first every day and focus on high quality, coordinated
care to improve outcomes.”
2022 Privia Quality Network performance
highlights:
- Delivered total
annual average expenditures 8% lower than the median MSSP ACO and
19% lower than total fee-for-service Medicare;
- Achieved
weighted average emergency room utilization 20% lower than the
median MSSP ACO and 27% lower than total fee-for-service
Medicare;
- Delivered
weighted average outpatient facility spend 19% lower than the
median MSSP ACO and 34% lower than total fee-for-service
Medicare;
- Accomplished
weighted average inpatient facility spend 12% lower than the median
MSSP ACO and 24% lower than total fee-for-service Medicare;
and
- Exceeded primary
care physician (PCP) utilization by 15% compared to both the median
ACO and total FFS Medicare
Keith Fernandez, M.D., Chief Clinical Officer
added, “Privia Health's physician-led local and national governance
model promotes innovation at the point of care that we believe
improves both outcomes and performance, resulting in increased
quality and decreased costs of care. Our success is further
enhanced by physician-to-physician education, mentoring and
collaboration, and the use of technology and analytics tools that
take some of the burden off our practice partners.”
Since 2014, PQN has delivered total shared
savings across government and commercial programs of more than $890
million, including more than $510 million through participation in
the MSSP. The amount of Medicare MSSP healthcare expenses included
in Privia Quality Network has grown from $111 million in 2014 to
$1.8 billion in 2022.
About Privia Health
Privia Health™ is a technology-driven, national
physician enablement company that collaborates with medical groups,
health plans, and health systems to optimize physician practices,
improve patient experiences, and reward doctors for delivering
high-value care in both in-person and virtual settings. The Privia
Platform is led by top industry talent and exceptional physician
leadership, and consists of scalable operations and end-to-end,
cloud-based technology that reduces unnecessary healthcare costs,
achieves better outcomes, and improves the health of patients and
the well-being of providers. For more information,
visit priviahealth.com.
Cautionary Note Regarding Forward-Looking
Statements
This release may contain forward-looking
statements within the meaning of the safe-harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements include all statements that do not relate solely to
historical or current facts, including, but not limited to,
statements regarding projections, future operations or plans,
financial results, cash flows, costs and cost management
initiatives, capital structure management, growth rates and
operational and strategic initiatives, and can also be identified
by the use of words such as “may,” “will,” “projects,” “expects,”
“anticipates,” “intends,” “plans,” “believes,” “estimates,”
“continues,” “thinks,” “outlook,” “target,” and words or phrases of
similar meaning. These forward-looking statements speak only as of
the date hereof and are based on our current plans and expectations
and are subject to a number of known and unknown risks,
uncertainties and other factors, many of which are difficult or
impossible to predict and may be beyond our control. These risks
and uncertainties include, but are not limited to, those factors
described in our filings with the Securities and Exchange
Commission, including those under “Risk Factors” therein. As a
consequence, current plans, anticipated actions and future
financial position and results of operations may differ materially
from any future results or performance expressed or implied in any
forward-looking statements in this press release. Given these
uncertainties, you are cautioned not to place undue reliance on
these forward-looking statements. The Company does not undertake
any obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as may be required under applicable securities laws.
Contact
Robert BorchertSVP, Investor & Corporate
CommunicationsIR@priviahealth.com817.783.4841
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