Bundled payment convener triples business
Remedy Partners tripled its business under Medicare’s Bundled Payments for Care Improvement (BPCI) Advanced program, the Connecticut-based bundled payment convener company announced.
BPCI Advanced is the newest iteration of the bundled payment models, which tie payments to quality outcomes over a single episode of care. The overall savings rate for Remedy’s customers is more than 8 percent, with many participants achieving double-digit savings, according to Remedy.
Remedy is the largest convener in the space, offering bundled payment network management and providing software tools to enable providers to organize and finance delivery of care. Conveners can often share downside risk with healthcare provider participants in bundled payments.
Remedy serves nearly 30 percent of all bundled payment episodes across BPCI Advanced. The company has managed more than 500,000 cumulative BPCI episodes totaling more than $13 billion, according to the company.
In BPCI Advanced, Remedy anticipates it will help Medicare save more than $250 million annually across surgical and medical episodes of care. Remedy’s BPCI Advanced business builds off its original base of BPCI participants, with 95 percent continuing with the company.
The growth of Remedy underscores the rise in bundled payments as the healthcare system continues to shift away from fee-for-service to value-based care.
“When we align healthcare around episodes, we are transforming how patients themselves understand and experience their care,” Chris Garcia, CEO of Remedy, said in a statement. “The numbers are clear, episodes work, not only by significantly bending the cost curve but also by improving the patient experience and outcomes.”
Amy joined TriMed Media as a Senior Writer for HealthExec after covering home care for three years. When not writing about all things healthcare, she fulfills her lifelong dream of becoming a pirate by sailing in regattas and enjoying rum. Fun fact: she sailed 333 miles across Lake Michigan in the Chicago Yacht Club "Race to Mackinac."