Blue Cross Blue Shield of Michigan and Nashville-based Honest Medical Group are launching a joint venture that aims to make it easier for docs to transition to value-based care for Medicare patients.
The goal, the insurer said Monday, is to ensure that providers can access comprehensive clinical, operational and financial support to engage in contracts with shared accountability. Honest Medical Group will support physicians in making the administrative and operational changes necessary to find success in value-based arrangements in both traditional Medicare and Medicare Advantage.
The venture is the first of its kind for BCBSM though it aligns with the payer's goal of continued value-based care expansion.
"Our Medicare Advantage population typically has more chronic conditions or multiple health issues that require a higher level of coordination and management. 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," said Daniel Loepp, CEO of Blue Cross Blue Shield of Michigan, in a statement.
When providers entered value-based care arrangements, it's not uncommon that they're required to upgrade electronic medical records, billing systems, virtual care offerings and other capabilities. Honest is able to offer both financial and human resources help in navigating these upgrades.
Both private and government payers are accelerating their use of value-based arrangements, so ensuring physicians are prepared for the shift is critical, executives said.
"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. The excitement around Honest and BCBSM stems from our belief that we can revolutionize care for people who need it most," said Adam Boehler, executive chairman and co-founder of Honest Medical Group, in a statement. "We have confidence under the leadership of Dr. Aric Coffman and team that we will be successful."