BOSTON, Dec. 12, 2023 (GLOBE NEWSWIRE) -- Arcadia (arcadia.io), a leading data platform for healthcare, announced today that it is partnering with WellSpan Health to improve the Pennsylvania health system's performance in Medicare’s Shared Savings Program. Arcadia’s data analytics platform excels at scaling the curation and exchange of data and will connect WellSpan Health’s 220 patient care locations to provide actionable insights that support the healthcare network’s value-based care journey.
Part of a successful value-based care journey involves fully delegated risk, which holds providers financially responsible for meeting certain clinical quality and care delivery cost benchmarks. Providers who exceed performance standards earn a reward for achieving improved outcomes. The goal is to generate larger earnings and shared savings by using Arcadia Analytics as an enabler to:
- Connect, normalize, and distribute data and actionable insights across WellSpan Health’s network of 2,600 physicians and more than a dozen EHR instances.
- Enhance the accuracy and completeness of value-based care analytics across multiple contract types, including Medicare Advantage, commercial, and self-funded employer plans.
- Identify and close risk and quality gaps across WellSpan Health’s nearly 240,000 value-based patient lives.
- Improve the efficiency and effectiveness of care coordination through risk stratification and modeling.
- Manage referrals to optimize quality while reducing unnecessary utilization and cost.
“We’ve been intentional about our value-based care journey and what that means in terms of high-quality, equitable, and accessible healthcare for the communities we serve,” said P. Geoffrey Nicholson, MD, Senior Vice President of Population Health at WellSpan Health. “Through continued innovation and success with this approach, we can also help make healthcare more affordable, better coordinated, and an overall improved experience for our patients.”
Arcadia’s ability to scale alongside WellSpan Health as it grows and manages the population of patients in value-based programs is an equally critical component of the partnership. Arcadia also delivers data-driven insights that help healthcare organizations control costs and maximize revenue.
“By leveraging data-driven insights and actions, healthcare organizations can meaningfully optimize performance in value-based care,” said Michael Meucci, President and CEO at Arcadia. “We’re thrilled to welcome WellSpan Health to our community of high performers who continue to lead the way in improving clinical and financial outcomes.”
Arcadia has a proven record at enabling organizations to succeed at taking on additional risk. During the last plan year alone, Arcadia’s customers earned nearly 20% higher average bonuses and generated $419 million in total savings in Medicare’s Shared Savings Program.
About Arcadia
Arcadia is dedicated to happier, healthier days for all. We transform data into powerful insights that deliver results. Through our partnerships with the nation’s leading health systems, payers, and life science companies, we are growing a community of innovation to improve care, maximize value, and confront emerging challenges. For more information, visit arcadia.io.
Drew Schaar Arcadia drew.schaar@arcadia.io
