Press release from Business Wire
Aetna, Riverside Health System Form Accountable Care Organization, Introduce New Products
Tuesday, May 28, 2013
Aetna, Riverside Health System Form Accountable Care Organization, Introduce New Products10:52 EDT Tuesday, May 28, 2013
NEWPORT NEWS, Va. (Business Wire) -- Aetna (NYSE: AET) today announced an accountable care organization (ACO) collaboration with Riverside Health System. The agreement is Aetna's third Accountable Care Solutions contract in Virginia. Now most of Aetna's 500,000 Virginia members will have access to care through an accountable care model. ACOs are designed to improve quality and patient experience while reducing overall costs.
The agreement also provides Aetna Whole HealthSM, a new local option for health insurance purchasers. Aetna Whole Health plans will give members access to highly coordinated care from physicians and health care facilities.
Aetna will introduce a new provider network known as Coastal Virginia Health Partners, which includes Riverside Health System, Bon Secours Health System, Children's Hospital of The King's Daughters and Chesapeake Regional Medical Center.
Aetna Whole Health plans feature a new model of health care delivery designed to offer:
- A more coordinated, personalized experience for patients;
- Lower co-pays for seeing providers that are part of the ACO network; and
- Better health care outcomes.
The incorporation of Coastal Virginia Health Partners will make these things possible in the local area.
“This is an exciting development for Aetna members in the coastal Virginia area,” said Tom Grote, president of Aetna's Virginia, Maryland and Washington, D.C. operations. “Working with health systems like Riverside, we're redefining the relationship between insurers and providers. The end result will be better, more efficient and more affordable care.”
“Riverside's vision is to develop meaningful and trusting relationships with its patients and residents, enabling them to make value-based health care choices,” said Bill Downey, president and CEO, Riverside Health System. “Riverside looks forward to connecting providers and patients who are willing and able to take responsibility for improving the health status, efficiency and experience of care with the Aetna members in the communities that we serve.”
The Riverside contract continues Aetna's development of accountable care arrangements in Virginia. Last year, Aetna announced a joint venture with Inova, which aligned two marquee organizations to provide more affordable, quality health care to Northern Virginia employers and residents. In 2011 Aetna and Carilion Clinic signed an agreement that brought an ACO approach to consumers in the Roanoke area.
Accountable care models drive focus on more coordinated care
ACOs are alliances of physicians, hospitals and other providers that coordinate care for their patients. In an ACO, providers assume responsibility for improving the quality of patient care and lowering costs through better coordination and preventive care. Aetna members in these plans will receive an enhanced level of coordinated care.
Aetna is working with health care organizations across the country to develop products and services that support value-driven, patient-centered care. Aetna's solutions help all types of patients, regardless of payer. Information about Accountable Care Solutions from Aetna is available at www.aetnaacs.com.
About Riverside Health System
Founded in 1915, Riverside Health System has evolved from a small hospital in Newport News, Va., into one of the most progressive and diversified not-for-profit health care organizations in the nation. A voluntary Board of Trustees governs each major division or facility within this system that now serves over 700,000 individuals across southeastern Virginia and the Eastern Shore.
Riverside is driven by the care designed and delivered by over 500 clinical providers, who function as the Riverside Medical Group. Riverside operates 941 inpatient beds in five acute care hospitals, a psychiatric hospital, a physical rehabilitation hospital plus a Hampton Roads specialty hospital, along with an extensive array of outpatient diagnostic and treatment facilities.
Riverside Regional is the health system's hub for medical education, providing physician training through the Riverside Family Practice and OB/GYN residency programs, and the Riverside School of Health Careers, which was established in 1916.
Riverside's Lifelong Health Division has three vibrant continuing care retirement communities, five PACE Centers (Program of All Inclusive Care for the Elderly), 10 skilled nursing facilities, assisted living facilities, two wellness centers, and many community-based services, including hospice and the region's leading home care organization. The Riverside Center for Excellence in Aging and Lifelong Health in Williamsburg is on the leading edge of applied health care research by working within Riverside and with many community partners.
Aetna is one of the nation's leading diversified health care benefits companies, serving an estimated 44 million people with information and resources to help them make better informed decisions about their health care. Aetna offers a broad range of traditional, voluntary and consumer-directed health insurance products and related services, including medical, pharmacy, dental, behavioral health, group life and disability plans, and medical management capabilities, Medicaid health care management services, workers' compensation administrative services and health information technology services. Aetna's customers include employer groups, individuals, college students, part-time and hourly workers, health plans, health care providers, governmental units, government-sponsored plans, labor groups and expatriates. For more information, see www.aetna.com.
Walt Cherniak, 410-401-9490
Riverside Health System Contact:
Peter Glagola, 757-719-2103