Genuine Health Group, a Miami-based healthcare company that helps doctors improve care quality and reduce costs, and PrimeHealth Physicians, LLC, a 50-plus group of primary care providers with 25 locations in Miami-Dade and Broward counties, announced today the companies have entered a joint venture. Through the joint venture, Genuine Health and PrimeHealth Physicians will manage revenue, cost, and quality initiatives for more than 12,000 Medicare patients.
The partnership will add 8,600 of PrimeHealth’s Medicare patients enrolled in Medicare Advantage to Genuine’s ranks, and another 4,000 PrimeHealth Medicare fee-for-service patients will be assigned to Genuine Healths' Miami ACO (accountable care organization). The announcement reflects current trends for primary care providers to share greater financial risk for their Medicare patients’ healthcare, as well as the move to a physician ACO.
“Genuine makes a unique and ideal partner for PrimeHealth because it serves as a single point of contact to move all of a practice’s Medicare patients into such value-based payment arrangements, whether those patients are members of a private health plan or in Medicare’s fee-for-service program,” said Cesar Ortiz, CEO for PrimeHealth Physicians.
Genuine Health’s agreement with PrimeHealth Physicians is structured through a joint venture partnership aptly named Population Health Alliance, which speaks to the two companies’ focus on improving health outcomes through robust, integrated care management and value-based care.
The addition of more than 12,000 Medicare patients increases Genuine Health’s annualized managed revenue to more than $350 million, making it one of the largest value-based providers in Florida.
“PrimeHealth Physicians had the vision to recognize the importance of value-based medicine early on,” said Genuine Health’s president and CEO, Joe Caruncho. “They developed a powerful infrastructure and network of like-minded primary care providers who understand that high-quality care translates to cost savings.”
“PrimeHealth’s primary care providers can continue to deliver robust, integrated care to their patients, and they gain access to Genuine Health’s expertise and financial stability to assume downside risk,” added Genuine Health Group’s chief growth officer, Gamil Kharfan, who led the discussions with PrimeHealth.
Under “full risk” arrangements, providers are responsible for virtually all of their Medicare patients’ healthcare needs, including physician visits, hospital care, mental health, and nursing home care. So keeping patients healthy is not only the primary medical goal, but a necessary financial strategy. In this regard, Genuine Health and PrimeHealth Physicians will apply the same value-based model used with their current patient base, including advanced analytics to better gauge patients’ healthcare status; novel approaches to chronic disease management, including in-home care; and adherence to evidence-based medicine.
“Health plans and Medicare itself are pushing providers to take on more financial risk for the care of their patients,” said Mark Kutner, M.D., one of PrimeHealth’s board members, who led the negotiations for PrimeHealth Physicians. “With Genuine Health, we found a partner to move successfully into the value-based arena. In addition, they share our belief in delivering the best care possible.”
For more information about Genuine Health Group and its Miami Accountable Care Organization, PrimeHealth Physicians, or Population Health Alliance, or to schedule an interview with Joe Caruncho or Cesar Ortiz, please contact Meieli Sawyer at 305-668-0070 or firstname.lastname@example.org.