In 2023, Prospect Medical Holdings’ Waterbury Health and Eastern Connecticut Health Network facilities and their affiliated provider network in Connecticut will participate in the Medicare Shared Savings Program (MSSP) by joining a Signify Health-enabled accountable care organization (ACO).
A healthcare services company with 16 hospitals serving underserved communities in California, Connecticut, Pennsylvania, and Rhode Island, Prospect has experience in the MSSP program. Now it will move into the Enhanced MSSP track as its facilities and physicians in Connecticut join other independent providers across the nation in Signify’s collaborative ACO model to achieve the benefits of scale that help to improve results and enable risk expansion.
Prospect also operates more than 165 clinics and outpatient centers and manages the provision of healthcare services for more than 600,000 members enrolled in its networks of more than 8,000 primary care physicians and specialists.
Signify Health, which is in the process of being acquired by pharmacy giant CVS Health (NYSE: CVS) for approximately $8 billion, said it would support Prospect facilities with data-driven, tailored population health roadmaps and economically aligned pricing to help its providers manage their MSSP ACO risk, reduce costs and achieve greater quality incentives.
“Every healthcare market is different to a certain extent, but we were impressed by Signify’s experience that has spanned so many markets and has managed to ‘stay local’ while simultaneously honing their approach to delivering on the core competencies that any successful ACO needs to have,” said EJay Lockwood, vice president of Connecticut Coordinated Care, Prospect Medical Holdings, in a statement. “Prospect is constantly looking for ways to improve our clinical and financial performance and, in Signify, we are partnering with a team that has been at this for a long time and can now also take full advantage of some of the competencies that Signify can add to our current risk management playbook. We are excited to be a new member of this growing community of provider-led ACOs.”
In early 2022, Signify Health acquired Caravan Health, which focuses on sustainable ACO and population health programs. With the acquisition, Signify Health supports one of the largest networks of at-risk providers and offers one comprehensive platform to manage total cost of care. In 2020 and 2021,100 percent of Caravan’s collaborative ACO participants earned shared savings.
In December 2022, Signify announced an expansion of its relationship with Ardent Health Services, a Nashville-based provider of healthcare services with more than 200 sites of care across six states. A former participant in the Center for Medicare and Medicaid Innovation’s Bundled Payments for Care Improvement-Advanced (BPCI-A) program, Ardent will join a 2023 Signify-enabled ACO to implement care transformation, manage risk and provide high-quality, coordinated care for its Medicare patients.
Ardent’s affiliated network of facilities and physicians in New Mexico, Oklahoma, Texas, and Kansas will work together with independent providers in a collaborative ACO model to achieve the benefits of scale and to effectively manage risk.
