(LORAIN; September 2, 2015) – Mercy Health (formerly Catholic Health Partners) – a Catholic healthcare ministry serving Ohio and Kentucky, announces that the Centers for Medicare & Medicaid Services recently 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 effectively reduced 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 created Mercy Health Select to deliver high quality care at lower cost for the 64,000 ACO patients we serve in Ohio and Kentucky. Today’s results demonstrate that Mercy Health Select is doing just that – providing our patients with affordable, superior care,” said Brent Asplin, MD, Mercy Health Chief Clinical Officer and Senior Vice President and co-president of Mercy Health Select. “The latest data places Mercy Health Select as one of the top 10 ACOs in the country for the amount of savings generated for the Medicare program. It is also among the 28% of ACOs that generated shared savings.”
For more detailed quality and financial results, click here: www.cms.gov/Newsroom/MediaReleaseDatabase/Fact-sheets/2015-Fact-sheets-items/2015-08-25.html.
Additional Resources: Visit the Medicare Shared Savings Program News and Updates webpage to access the HHS press release and fact sheet, the link to the Performance Year 2014 results file, and to learn more about the program.
Mercy Health (formerly Catholic Health Partners) is the largest health system in Ohio and one of the largest health systems in the United States, employing more than 32,000 employees in Ohio and Kentucky. With $6 billion in assets, Mercy Health operates about 450 health facilities, including 23 hospitals, eight senior living communities, five hospice programs and seven home health agencies. Truven Health Analytics (formerly Thomson Reuters) consistently rates Mercy Health among the nation’s top health systems for clinical quality and efficiency. In keeping with its mission, Mercy Health provides about $1 million per day in community benefit services. Mercy Health’s bonds are rated AA- by Standard & Poor’s and Fitch, and A1 by Moody’s. Mercy Health also partners with HealthSpan which provides health maintenance organization and insurance coverage. Mercy Health is a founding member of Health Innovations Ohio, which focuses on providing health services that result in higher quality, better health and greater value. For more information, visit www.mercy.com or connect with Mercy Health on Facebook, LinkedIn, Google+, Pinterest and Twitter (@LivingMercyHlth).