EmblemHealth and Northwell Health in the city of New York have accepted to share risk in value-based contracts, EmblemHealth declared on the day of March 25.
Under the latest agreement, the health policy and contributor – initially North Shore – LIJ Health System – will look to one another to handle patient approach, cost of care and results, EmblemHealth stated.
Tangible outcomes have already been indicated in a 10% reduction in emergency room admissions in sites where the 2 organizations have collaborated, the release stated.
“Integrated care management is believed to be one of the most effective devices to make better the overall well-being of sufferers and deliver effective care,” stated Karen Ignagni, president and CEO of EmblemHealth.
Ignagni is the previous CEO of America’s Health Insurance Plans. She took over as head of EmblemHealth previous year after Fitch Ratings lowered the credit rating of EmblemHealth subsidiaries Health Insurance Plan of Greater New York, from BBB to BB+ in the month of June 2015.
The rating downgrade depicted a net loss of $494 million in the year 2014 and a $40 million loss in the 1st quarter of the year 2015, Fitch claimed. The subsidiaries reported underwriting losses in comprehensive hospital and medical, Medicare and Medicaid business lines, Fitch claimed.
In the month of September 2015 Fitch affirmed a BBB- rating and claimed the rating outlook was stable.
EmblemHealth offers health coverage to more than three million people in the city of New York tri-state area.
Northwell Health has 21 hospitals and approximately 450 outpatient practices, which serve more than 1.8 million persons a year in the metro New York place and beyond.
The new agreement develops upon the agencies’ shared 20-year relationship, in accordance to the release.
“Both agencies have constructed our capabilities in tandem assisting each other to improve on the promise of integrating and coordinating care across a continuum,” stated Michael Dowling, president and CEO of Northwell Health.
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