WakeMed Physician Practices Earns Nearly $1M in Medicare Shared Savings for High-Quality, Efficient Care
November 30, 2021
RALEIGH, N.C. (November 30, 2021) – WakeMed Physician Practices earned more than $925,000 in shared savings for 2020, well above the national average in Medicare savings. In partnership with Caravan Health, a value-based advisory services company, WakeMed Physician Practices achieved these performance payments by providing coordinated, consistent, preventive and cost-effective care to Medicare patients.
As part of the Affordable Care Act, the Medicare Shared Savings Program (MSSP) rewards accountability for healthcare providers who deliver high-quality, coordinated care for patient populations under Medicare Parts A and B.
To accomplish these results, WakeMed Physician Practices joined an accountable care organization (ACO) managed by Caravan Health in January 2020. Comprised of hundreds of hospitals and health systems, along with 14,000 clinicians nationwide, Caravan Health ACOs cover close to one million patient lives and aims to pursue higher quality patient care and achieve better outcomes while lowering the cost of care. Caravan Health-led ACOs earned a combined total in Medicare savings of $160 million. According to the Centers for Medicare & Medicaid Services, only 67 percent of Shared Savings Program ACOs earned shared savings in 2020.
"These performance payments speak of our team’s commitment to our patients and our focus on excellence in population health," explains Shon Brink, vice president, WakeMed Physician Practices. "The hard work and collaboration across WakeMed Physician Practices – our providers, care teams and support staff and hospitals – ensures that our patients are receiving the highest quality of care and an excellent care experience at the greatest possible value."
About WakeMed Health & Hospitals
Serving the community since 1961, WakeMed is a not-for-profit health care system founded and based in Raleigh, N.C. WakeMed exists to improve the health and well-being of our community by providing outstanding and compassionate care to all. WakeMed’s 970-bed system comprises a network of facilities throughout the Triangle area, including three full-service hospitals, seven emergency departments, a dedicated Children’s Hospital and Rehabilitation Hospital, more than 80 physician offices and Wake County’s only Level I Trauma Center. WakeMed’s mission-driven team includes more than 10,000 employees, 1,500 volunteers and 1,300 affiliated physicians, along with the more than 580 physicians and providers with WakeMed Physician Practices – all representing the best minds and the biggest hearts and the finest quality in health care and community health. For more information, visit www.wakemed.org or follow WakeMed on Facebook, Twitter and Instagram.
About WakeMed Physician Practices
WakeMed Physician Practices (WPP) is a network of outstanding providers that operate as part of the WakeMed system. The WPP network includes more than 80 office locations throughout Wake County and surrounding areas. Our more than 300 board-certified physicians and 195 advanced practice providers cover a broad range of specialties and take pride in delivering outstanding care and caring to the community with a focus on living a healthier, fuller life. WakeMed Physician Practices includes nearly 30 primary and urgent care sites in addition to key specialties and practice locations including: bariatric surgery; ear, nose and throat (ENT); gastroenterology; general surgery; heart and vascular; obstetrics and gynecology; maternal-fetal medicine; orthopaedics and orthopaedic urgent care; pediatric cardiology; pediatric endocrinology; pediatric gastroenterology; pediatric primary care; pediatric surgery; pediatric weight management; physical therapy; pulmonology and sleep medicine; rheumatology; urology and urogynecology. For more information, visit www.wakemed.org/physician-practices.
About Caravan Health
Caravan Health is a privately-held company formed to create a sustainable model for health systems to excel in value-based payment models. Today, Caravan Health’s team of more than 150 experts has supported more than 300 health systems with training, data, analytics, patient satisfaction surveys, and evidence-based medicine programs. Through its program of transparency and mutual accountability, Caravan Health has delivered more than the national average in real savings since 2015. In 2019 and 2020, Caravan Health partners earned $300 million in Medicare savings, over $120 million in shared savings, and quality scores exceeding 97%. With Caravan Health, now the numbers work. For more information visit www.caravanhealth.com.
Additional Information:
WakeMed Health & Hospitals
Kristin Kelly | Phone: 919-350-5921
Email: krkelly@wakemed.org