Providence St. Joseph Health is getting into the business of helping other healthcare providers and payers with the shift to value-based care.
The Renton, Washington-based health system launched Ayin Health Solutions, a population health company, to offer expertise to help payers, providers, employers and government entities reduce costs and improve care in the transition from inpatient care to more cost-efficient ambulatory care and digital engagement.
Specifically, Ayin will offer a suite of population health capabilities—including a Pharmacy Benefits Management service that partners pharmacists and physicians—to external payers, providers, employers and government entities.
The capabilities also include a proprietary risk evaluation tool and an Employee Health Benefits service that tailors benefits programs to an organization’s needs, helping save costs, improve wellness and reduce absenteeism.
The company will be led by CEO Rhonda Medows, M.D., president of population health at PSJH, who will continue in the role at the health system in addition to leading the new venture.
“These are tumultuous times for the healthcare industry and organizations are eager for proven strategies and solutions that will stabilize their business and guide their shift toward a new standard of care,” Medows said in a statement. “We know that when health organizations are able to achieve clinical and financial success, they are better able to influence and care for the communities they serve.”
Providence St. Joseph a not-for-profit Catholic healthcare system operating multiple hospitals across five states. It is headquartered in Washington. Ayin is based in Portland, Oregon.
Officials said the creation of Ayin is part of the health system's broader vision of creating solutions in the shift from volume-based models to value.
It is also part of a growing entrepreneurial footprint for the health system, which recently announced the development of its venture arm's second fund.
In January, Providence Ventures announced it raised a $150 million healthcare venture capital and growth equity funds to invest in healthcare and technology partnerships aimed at changing how care is delivered to consumers.