Signify’s provider partners saved more than $138 million in
2021, and all Collaborative ACOs earned 100 percent on their
Merit-Based Incentive Payment System scores
Signify achieves record ACO sales for 2023, Collaborative ACOs
to reach over 700,000 attributed lives in 2023
Signify Health, Inc. (NYSE: SGFY), a leading value-based
healthcare platform enabled by advanced analytics, technology, and
nationwide healthcare networks, today announced that its
collaborative accountable care organizations (ACOs) generated more
than $138 million in gross savings in 2021. As a result of their
strong performance in the Medicare Shared Savings Program,
community hospitals and their affiliated physicians earned more
than $59 million in shared savings payments. The Company also
announced that it has surpassed its target for new ACO bookings in
2023 due to the strong performance and the combined capabilities of
Signify Health and Caravan Health.
“These impressive results confirm what we have learned through
many years managing outcomes-based payment models – our dedicated
population health management leads to quality care while saving
money for Medicare,” said Kyle Armbrester, Signify Health CEO. “Our
approach and track record has resonated with our clients, allowing
us to achieve record ACO sales for 2023 and to surpass 700,000
lives under management in 2023, with nearly 70% of attributed lives
expected to be in Enhanced tracks. I’m excited to bring Signify’s
in-home capabilities to these new clients in the coming
months.”
Signify Health’s success-based pricing model, with no upfront
fees, effectively minimizes downside risk and has resulted in all
Collaborative ACOs earning MIPS scores of 100% and the maximum
positive payment adjustment. MIPS, the Centers for Medicare &
Medicaid Services’ value-based measurement program, adjusts
Medicare payment rates based on healthcare quality and
outcomes.
In 2022, Signify aligned with more than 29,000 providers across
more than 40 states, representing more than 500,000 covered lives.
Provider organizations participating in Signify’s Collaborative
ACOs include health systems, integrated delivery networks, rural
and community hospitals, and independent practices. Signify is
building on its success with a suite of new services in 2023,
including in-home capabilities, Return to Home to support patient
care transitions, and analytic enhancements to help providers solve
patient problems at the point-of-care.
In March 2022, Signify Health acquired Caravan Health, a leader
in guiding ACOs to success with client results that have
historically led the nation in earned shared savings and MIPS
scores. The acquisition resulted in one of the largest national
networks of providers engaged in value-based payment models, with
the goal to excel in population health management and value-based
payment programs.
About Signify Health
Signify Health is a leading healthcare platform that leverages
advanced analytics, technology, and nationwide healthcare provider
networks to create and power value-based payment programs. Our
mission is to build trusted relationships to make people healthier.
Our solutions support value-based payment programs by aligning
financial incentives around outcomes, providing tools to health
plans and healthcare organizations designed to assess and manage
risk and identify actionable opportunities for improved patient
outcomes, coordination, and cost-savings. Through our platform, we
coordinate what we believe is a holistic suite of clinical, social,
and behavioral services to address an individual’s healthcare needs
and prevent adverse events that drive excess cost, all while
shifting services towards the home.
Forward Looking Statements
This press release contains forward-looking statements. All
statements other than statements of historical fact included in
this press release are forward-looking statements. These statements
may be preceded by, followed by or include the words “may,”
“might,” “will,” “should,” “expects,” “plans,” “anticipates,”
“believes,” “estimates,” “predicts,” “potential” or “continue,” the
negative of these terms and other comparable terminology. These
forward-looking statements, which are subject to risks,
uncertainties and assumptions about us, may include projections of
our future financial performance, our anticipated growth strategies
and anticipated trends in our business. These statements are only
predictions based on our current expectations and projections about
future events. There are important factors that could cause our
actual results, level of activity, performance or achievements to
differ materially from the results, level of activity, performance
or achievements expressed or implied by the forward-looking
statements.
Although we believe the expectations reflected in the
forward-looking statements are reasonable, we cannot guarantee
future results, level of activity, performance, achievements or the
number of attributed lives. Moreover, neither we nor any other
person assumes responsibility for the accuracy and completeness of
any of these forward-looking statements. Some of the factors that
could cause actual results to differ materially from those
expressed or implied by the forward-looking statements include: our
ability to achieve forecasted new ACO bookings in 2023; our ability
to achieve over 700,000 lives under management in 2023; the
COVID-19 pandemic and whether the pandemic will continue to subside
in 2022; our ability to realize synergies from the acquisition of
Caravan Health, Inc.; our dependence on certain key government
programs; risks associated with estimating program size, savings
rate and patient attribution; our failure to continue to innovate
and provide services that are useful to customers and achieve and
maintain market acceptance; our limited operating history with
certain of our solutions; our failure to compete effectively; the
length and unpredictability of our sales cycle; seasonality that
may cause fluctuations in our sales, cash flows and results of
operations; the information we provide to, or receive from, our
health plans and providers could be inaccurate or incomplete; the
risk that the cost of services provided will be higher than
benchmark prices in our care redesign solutions; failure of our
existing customers to continue or renew their contracts with us;
failure of service providers to meet their obligations to us; our
failure to achieve or maintain profitability; our revenues not
growing at the rates they historically have, or at all; our failure
to successfully execute on our growth initiatives, business
strategies, or operating plans; our failure to successfully launch
new products; our failure to effectively adapt to changes in the
healthcare industry, including changes in the rules governing
Medicare or other federal healthcare programs; our failure to
adhere to complex and evolving governmental laws and regulations;
our failure to comply with current and future federal and state
privacy, security and data protection laws, regulations or
standards; adverse findings from inspections, reviews, audits and
investigations; inadequate investment in or maintenance of our
operating platform and other information technology and business
systems; our ability to develop and/or enhance information
technology systems and platforms to meet our changing customer
needs; higher than expected investments in our business including,
but not limited to, investments in our technology and operating
platform, which could reduce our profitability; security breaches
or incidents, loss or misuse of data, a failure in or breach of our
operational or security systems or other disruptions; disruptions
in our disaster recovery systems or management continuity planning;
our ability to obtain, maintain, protect and enforce our
intellectual property; risks associated with acquiring other
businesses including our ability to effectively integrate the
operations and technologies of the acquired businesses; and the
other risk factors described under “Risk Factors” in our filings
with the Securities and Exchange Commission (“SEC”), including our
Annual Report on Form 10-K for the fiscal year ended December 31,
2021, which are available free of charge on the SEC's website at:
www.sec.gov.
All forward-looking statements attributable to us or persons
acting on our behalf are expressly qualified in their entirety by
the foregoing cautionary statements. In addition, all
forward-looking statements speak only as of the date of this press
release. We undertake no obligations to update or revise publicly
any forward-looking statements, whether as a result of new
information, future events or otherwise other than as required
under the federal securities laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20220830005906/en/
Media: Lynn Shepherd, VP, Corporate and Enterprise
Communications lshepherd@signifyhealth.com
Signify Health (NYSE:SGFY)
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