$176.6 Million in Shared Savings Delivered Across 10 Participating ACOs
ARLINGTON, Va., Oct. 29, 2024 (GLOBE NEWSWIRE) -- Privia Health Group, Inc. ( PRVA) today announced that its Accountable Care Organizations (ACOs) achieved shared savings of $176.6 million through the Medicare Shared Savings Program (MSSP) for the 2023 performance year, a 34.1% increase from 2022. The 10 ACOs (collectively, Privia Quality Network or PQN) managed over $2.3 billion in healthcare benchmark spend through approximately 2,850 providers delivering high-value, cost-efficient care to 194,786 Medicare beneficiaries in 2023.
“The success of Privia Quality Network in MSSP is a testament to the dedication and skill of our doctors, who provided exceptional care to nearly 195,000 patients. Their commitment to delivering high-value, cost-effective care has allowed us to achieve significant savings while improving patient outcomes,” said Chief Clinical Officer, Dr. Keith Fernandez. “At Privia, we are transforming healthcare by enhancing the patient experience, empowering physicians, and driving better outcomes. We are proud of the work that our doctors do, and we are committed to continuing to provide the best possible care to our patients.”
Privia Quality Network’s MSSP performance highlights for 2023:
- Achieved savings by 9 out of 10 ACOs
- Delivered an aggregate savings rate of 7.6%, or 8.2% excluding the Delaware ACO Privia exited at the end of 2023
- Achieved the highest savings rate (10.6%) in its Mid-Atlantic ACO compared with all ACOs with more than 40,000 attributed lives participating in the MSSP
- Achieved beneficiary expenditures 8% lower than median ACO and 21% below fee-for-service Medicare
- Delivered inpatient facility spend 14% lower than median ACO and 27% lower than fee-for-service Medicare
- Achieved outpatient facility spend 18% lower than median ACO and 33% lower than fee-for-service Medicare
- Realized emergency department visits 16% lower than median ACO and 25% below fee-for-service Medicare
Privia Quality Network supports physician practices and 1.2 million patient attributed lives in MSSP, Medicare Advantage, Commercial, and Medicaid arrangements. Since 2014, PQN has delivered total shared savings across these programs of over $1.2 billion, including $690 million through participation in the MSSP.
About Privia Health
Privia Health™ is a technology-driven, national physician enablement company that collaborates with medical groups, health plans, and health systems to optimize physician practices, improve patient experiences, and reward doctors for delivering high-value care in both in-person and virtual settings. The Privia Platform is led by top industry talent and exceptional physician leadership, and consists of scalable operations and end-to-end, cloud-based technology that reduces unnecessary healthcare costs, achieves better outcomes, and improves the health of patients and the well-being of providers. For more information, visit priviahealth.com.
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Contact
Robert Borchert
SVP, Investor & Corporate Communications
[email protected]
817.783.4841
