The Centers for Medicare & Medicaid Services (CMS) announced the 2016 performance year results for the Medicare Shared Savings Program, an initiative encouraging Medicare Accountable Care Organizations (ACO) to better coordinate patient care and reduce healthcare costs.
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.
MyHealth First Network (MyHFN) is among the 31 percent of ACOs that generated savings during the 2016 performance year. In total, 134 of 432 ACOs nationally saved more than $700 million.
“For the second year in a row, MyHealth First Network was successful at generating an impressive amount of shared savings – more than $21.6 million – while improving the quality of care for nearly 60,000 Medicare beneficiaries,” said Angelo Sinopoli, MD, president of MyHFN. “I am proud of our achievements and the hard work and dedication of our members toward delivering better care, spending dollars more wisely and helping improve the overall health of our community. We are truly a network of providers and practices that see the future of health care and share a vision to enhance the quality of life for every patient.”
MyHFN achieved $17 million in savings during the 2015 performance year, its first year in the Medicare Shared Savings Program.
Visit the Medicare Shared Savings Program webpage to learn more about the program.