Milliman MedInsight’s ACOs Achieve Remarkable $658 Million Savings
Outstanding Performance of Milliman MedInsight ACO Clients
In the latest preliminary data released by the Centers for Medicare & Medicaid Services (CMS), Milliman MedInsight® has proudly announced that its Accountable Care Organization (ACO) clients have made impressive strides in the 2024 Medicare Shared Savings Program (MSSP). This announcement highlights significant achievements in shared savings that outshine national performance averages.
Remarkable Savings Achieved
For the year 2024, the ACO clients of MedInsight collectively secured an astounding $658 million in shared savings. This remarkable accomplishment underscores the effectiveness of advanced analytics and data-driven strategies that support meaningful results in the evolving landscape of value-based care.
Key Highlights of 2024 MSSP Results
The 2024 MSSP results have brought forth some noteworthy achievements that mark the superior performance of MedInsight's ACO clients:
- Higher savings rates than the national average: Approximately 80% of MedInsight ACO clients (33 out of 41) achieved shared savings, surpassing the national average of 75% across participating ACOs.
- Greater per-beneficiary savings: The clients reported an impressive $509 per beneficiary, which is a 29% increase above the national average of $394.
- Stronger year-over-year improvement: Over half (63%) of MedInsight ACO clients saw an increase in their savings compared to the previous year, a marked improvement over the national figure of 53%.
Expert Insights on Performance
According to Meghan Fetherston, Chief Client Officer at MedInsight, the outstanding results achieved by their ACO clients in the MSSP reflect the integration of advanced analytics and industry expertise, which are crucial for driving significant enhancements in patient care and overall healthcare outcomes. She emphasized the company's unwavering commitment to furnish clients with vital insights and tools for success in a value-based care environment.
Furthermore, the MSSP, now enjoying its eighth continuous year of generating substantial overall program savings, fosters collaboration among healthcare providers to elevate care quality, improve patient experiences, and minimize unnecessary expenditures for Medicare beneficiaries.
The Future of Value-Based Care
Francesca Hammerstrom, General Manager of Value-Based Care at MedInsight, noted that the results illustrate the effective means by which ACO clients are using data-driven strategies and in-depth knowledge of value-based care to excel within the MSSP framework. By harnessing timely and reliable data combined with actionable insights, these clients continue to discover innovative pathways to enhance patient outcomes while managing costs effectively.
Strengthening Value-Based Care Platforms
Through its cutting-edge Value-Based Care (VBC) Platform, MedInsight empowers ACOs to utilize timely and dependable data to uncover opportunities for both quality enhancement and cost efficiency. The organization has dedicated significant resources over the past three years to improve this platform further, incorporating advanced features like clinical data integration, predictive modeling, and user-friendly dashboards. These advancements are designed to assist healthcare organizations in tackling the multifaceted challenges of the industry, enabling ACO clients to attain and sustain their success within the value-based care ecosystem.
About Milliman MedInsight
Founded in 1998, Milliman MedInsight® is recognized as a premier provider of healthcare data and analytics. Over 300 payers, ACOs, employers, and government agencies worldwide trust the organization for insights. MedInsight’s extensive suite of analytics and data solutions equips organizations to effectively leverage healthcare data, driving informed decision-making and enhancing both clinical and financial outcomes. With profound industry knowledge and cutting-edge technology, MedInsight is committed to providing actionable insights about healthcare utilization, cost, quality, and performance. The company plays a pivotal role in navigating the complexities of the healthcare landscape from risk management to value-based care, ensuring stakeholders can achieve lasting success.
Frequently Asked Questions
What is the significance of the $658 million savings reported by MedInsight?
The $658 million in savings reflects the effective strategies used by MedInsight ACO clients, showcasing superior performance compared to national averages.
How does MedInsight support its ACO clients?
MedInsight provides advanced analytics and a Value-Based Care Platform, helping clients enhance quality, efficiency, and patient outcomes.
What are the key advantages of partnering with MedInsight?
Partnership with MedInsight gives access to leading healthcare data analytics, deep industry expertise, and innovative solutions tailored for value-based care.
What measures are used to assess the performance of ACO clients?
Performance assessment includes shared savings rates, per-beneficiary savings, and year-over-year improvement metrics relative to national averages.
How long has the MSSP program been in operation?
The MSSP has been generating substantial overall program savings for eight consecutive years, promoting collaboration among healthcare providers.
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