Steward Health Care System (Steward) is pleased to announce that it has generated $30 million of savings in the Medicare Pioneer Accountable Care Organization (ACO) program in the first three years of the program. Steward achieved these significant savings while also meeting the strict quality standards established by the Centers for Medicare and Medicaid (CMS).
“While the federal government and Commonwealth of Massachusetts have been looking for health care systems to more efficiently deliver the highest quality of care, Steward has been on the leading edge of making this model work by deploying the smartest delivery system, integrating the latest treatment technologies and developing an efficient and effective business model,” said Sanjay Shetty, MD, President of the Steward Health Care Network, Steward’s physician network. “We are extremely proud of our results.”
Launched in 2012, the Medicare Pioneer ACO pilot program is designed to provide better care to elderly patients while also lowering costs. The participating healthcare providers are given a set budget to take care of all of the healthcare needs of their Medicare patients rather than just receive reimbursements for each procedure, test or hospital visit. As a result, the program incentivizes providers to better coordinate patient care and proactively help patients stay healthy rather than just treat them when they are sick.
“With a fully integrated set of treatment options, Steward matches the right health care setting – whether hospital, clinic, doctor’s office or patient home – to each specific patient’s need. As a result, patients get better care while also finding the experience more convenient and comfortable,” added Dr. Shetty.
According to an independent evaluation of ACO Initiatives released by CMS earlier this year, Steward ranked as the #1 ACO in 2013 and #2 in 2012. After three years of participation, Steward continues to have one of the highest cumulative savings totals in the nation.
“At Steward, we are not only delivering better results at lower costs to our Medicare patients. This is not just a pilot program at Steward. This is what we do for all of our patients,” explained Dr. Shetty.
About Steward Health Care
Steward Health Care is the largest fully integrated community care organization and community hospital network in New England. Headquartered in Boston, Steward is the fourth largest employer in MA with more than 17,000 employees in more than 150 communities. Steward is comprised of Steward Medical Group, Steward Health Care Network, and Steward Hospital Group. Steward Medical Group provides approximately 1 million patient encounters per year in 152 sites and manages homecare and hospice with 300,000 and 35,000 encounters respectively. Steward Health Care Network, a fully integrated care management company, has 3,000 physicians, with approximately 4 million patient encounters per year and affiliates or joint ventures with approximately 30 urgent care centers. Steward’s Hospital Group includes Saint Anne’s Hospital in Fall River, Holy Family Hospital in Methuen, St. Elizabeth’s Medical Center in Brighton, Norwood Hospital, Carney Hospital in Dorchester, Good Samaritan Medical Center in Brockton, Nashoba Valley Medical Center in Ayer, Holy Family Hospital in Haverhill and Methuen, Morton Hospital in Taunton, and New England Sinai Hospital in Stoughton. Additional information is available at www.steward.org.