GLENDALE, Calif., Sept. 16, 2014 /PRNewswire/ -- Apollo Medical Holdings, Inc. (ApolloMed) (OTC-QB: AMEH), an integrated physician-centric healthcare delivery company, today announced that ApolloMed ACO generated $10.98 million in savings of which $5.38 million in cash will be distributed to ApolloMed ACO.
The Centers for Medicare & Medicaid Services (CMS) today issued quality and financial performance results showing that Medicare Accountable Care Organizations (ACOs) have improved patient care and produced hundreds of millions of dollars in savings for the program.
In addition to providing more Americans with access to quality, affordable health care, the Affordable Care Act encourages doctors, hospitals and other health care providers to work together to better coordinate care and keep people healthy rather than treat them when they are sick, which also helps to reduce health care costs. ACOs are one example of the innovative ways to improve care and reduce costs. In an ACO, providers who join these groups become eligible to share savings with Medicare when they deliver that care more efficiently.
ACOs in the Medicare Shared Savings Program (Shared Savings Program) and Pioneer ACO Model generated over $372 million in total program savings for Medicare ACOs. The encouraging news comes from preliminary quality and financial results from the second year of performance for 23 Pioneer ACOs, and final results from the first year of performance for 220 Shared Savings Program ACOs.
Meanwhile, the ACOs outperformed published benchmarks for quality and patient experience last year and improved significantly on almost all measures of quality and patient experience this year. (Please see the accompanying fact sheet for additional details.)
"We all have a stake in improving the quality of care we receive, while spending our dollars more wisely," Health and Human Services Secretary Sylvia M. Burwell said. "It's good for businesses, for our middle class, and for our country's global competitiveness. That's why at HHS we are committed to partnering across sectors to make progress."
ApolloMed ACO is one of the ACOs that is eligible to share in savings.
"We are very pleased and proud of having achieved $10.98 million in total savings. Our leading integrated model, which incorporates innovative inpatient hospitalist management with outpatient care coordination and population health management, has enabled us to capture shared savings and improve outcomes," stated Warren Hosseinion, M.D., Chief Executive Officer of Apollo Medical Holdings. "ApolloMed ACO achieved these savings based on 10,269 beneficiaries. We look forward to our 2014 performace year, which will be based on nearly 30,000 current beneficiaries."
Since passage of the Affordable Care Act, more than 360 Medicare ACOs have been established in 47 states, serving over 5.6 million Americans with Medicare. Medicare ACOs are groups of providers and suppliers of services that work together to coordinate care for the Medicare fee-for-service (FFS) beneficiaries they serve and achieve program goals.
Visit the Medicare Shared Savings Program website to learn more about the program, and for information on ACOs and ACO participants including available financial and quality performance results for ACOs.
Fact Sheet: Delivering Better Care at Lower Cost.
Secretary's Blog: Getting More Out of Every Dollar: Improving Health Delivery in America.
About Apollo Medical Holdings, Inc. (ApolloMed)
ApolloMed is a leading integrated physician-centric healthcare delivery company commited to providing exceptional multi-disciplinary care in the communities it serves. ApolloMed is addressing the healthcare needs of the nation's largest population center by leveraging its integrated healthcare delivery platform comprised of four affiliated and complementary physician groups: ApolloMed Hospitalists, ApolloMed ACO (Accountable Care Organization), Maverick Medical Group (Independent Physician Association) and ApolloMed Care Clinics. ApolloMed strives to improve medical outcomes with high-quality, cost-efficient care. For more information, please visit www.apollomed.net.
Forward Looking Statements
This press release may contain forward-looking statements, including information about management's view of future expectations, plans and prospects for Apollo Medical Holdings, Inc. ("the Company"). In particular, when used in the preceding discussion, the words "predicts," "believes," "expects," "intends," "seeks," "estimates," "plans," "anticipates," and similar conditional expressions or future or conditional verbs such as "will," "may," "might," "should," "would" and "could" are intended to identify forward-looking statements. In addition, our representatives may from time to time make oral forward-looking statements. Any such statements, other than those of historical fact, about an action, event or development, are forward-looking statements. Such statements are based on the current expectations and certain assumptions of the Company's management. Such statements are, therefore, subject to a variety of known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company, which could cause the actual results, performance or achievements of the Company, its subsidiaries and concepts to be materially different than those that may be expressed or implied in such statements or anticipated on the basis of historical trends. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, the Company's actual results, performance or achievements may vary materially from those described in the relevant forward-looking statement as being expected, anticipated, intended, planned, believed, sought, estimated or projected. Unknown or unpredictable factors also could have material adverse effects on the Company's future results. The forward-looking statements included herein are made only as of the date hereof. The Company cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, the Company undertakes no obligation to update or revise these forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by the Company. You should not place undue reliance on any forward-looking statement and should consider the uncertainties and risks discussed under Item 1A. "Risk Factors" of the Company's Annual Report on Form 10-K for the year ended January 31, 2013 and in any of the Company's other subsequent Securities and Exchange Commission filings.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT
The Ruth Group
646-536-7009 or via email at firstname.lastname@example.org
SOURCE Apollo Medical Holdings, Inc.