Catalyst Health Network and UnitedHealthcare on Friday said they have formed an Accountable Care Organization that they expect to drive healthcare costs down by 10 percent over three years.
In addition, the organizations said they plan to shift from a fee-for-service healthcare system to one that is value-based, according to Catalyst, a nonprofit network of independent physicians in Dallas.
As an ACO, the organizations will have access to patient data across the network, enabling them to monitor every aspect of patient care and maintain all clinical information in a secure patient registry, according to Catalyst.
The goal is to improve care quality while reducing the overall cost.
Catalyst’s providers will be eligible to receive payment incentives based on specific quality metrics and evidence-based guidelines, such as hospital readmission rates, disease management and prevention, patient safety and care delivery, total cost savings and patient satisfaction.
UnitedHealthcare and Catalyst Health Network will coordinate evidence-based care, ensuring that primary care physicians, specialists and facilities are aligned with the aims of the Institute for Healthcare Improvement for increased patient satisfaction, improvement in the health of the population and the reduction of healthcare costs.
Care providers nationwide are showing strong interest in a shift to value-based care.
UnitedHealthcare’s physician and hospital reimbursements that are tied to a variety of different value-based programs have nearly tripled in the last three years to $36 billion annually, according to Catalyst. The company projects this reimbursement will reach $65 billion by 2018.
Twitter: @SusanMorseHFN