Blue Cross Blue Shield of Michigan (BCBSM) in Detroit has formed a joint venture with Nashville-based Honest Medical Group to offer physicians comprehensive operational, clinical, and financial support for shared accountability Medicare contracts.
The joint venture is the first of its kind for BCBSM, which says it aligns with the organization’s continued expansion of Blueprint for Affordability, its member-focused, value-based care and payment models.
Physician organizations can choose to work with Honest Medical Group for support in making administrative and operational changes needed to be successful in full financial-accountability Traditional Medicare and Medicare Advantage agreements with payers. When providers choose to enter these agreements, they often need significant resources to add or upgrade electronic medical record systems, billing systems, virtual care, and other practice capabilities. Honest can provide financial and human resources to assist practices in this transformation.
“Our Medicare Advantage population typically has more chronic conditions or multiple health issues that require a higher level of coordination and management,” says Daniel J. Loepp, president and CEO of BCBSM. “So, we’re advancing our value-based models to help members receive appropriate, high-quality, personalized health care that is more affordable. And we’re making partnership decisions like this one with Honest to best support the physicians who care for our members,”
Honest Medical Group was created specifically to improve the care experience and reduce costs for people with Medicare. The new partnership is designed to transform the way care is delivered for a physician’s whole Medicare patient panel, permitting physicians to use Honest Medical Group for its Traditional Medicare and Medicare Advantage members in any health plan.
It should enable physicians to be successful as Blue Cross and other private and government health plans accelerate the transition to more comprehensive value-based payment models that add a deeper level of shared financial accountability among physician practices.
“This is just the beginning of a long-term partnership that we know will serve as a new model for health care companies and health plans across the country,” says Adam Boehler, co-founder and executive chairman of Honest Medical Group. “The excitement around Honest and BCBSM stems from our belief that we can revolutionize care for people who need it most. We have confidence under the leadership of Dr. Aric Coffman and team that we will be successful.”
Blue Cross says the partnership builds on the “growing spectrum of value-focused initiatives that are part of Blueprint for Affordability,” a collection of value-based payment models with varying levels of physician financial accountability.
For more information, visit bcbsm.com.