Nonprofit health system Novant Health and physician enablement company Privia Health unveiled a joint venture and strategic partnership to launch a tech-enabled provider group focused on value-based care.
The entity, called Privia Medical Group – North Carolina, will be an independent, clinically integrated primary care network that intends to spread beyond its namesake state, Novant Health President and CEO Carl Armato said in a statement.
New providers who join the group will be given access to the proprietary Privia Platform. The technology reduces physicians’ administrative workload and includes a slew of tools to drive population health insights and a transition to value-based care, according to the company.
“This will provide the technology, analytics and services expertise to optimize practice operations, enhance physician wellbeing, and offer more time for physicians to care for and deliver an ideal patient experience,” Privia Health CEO Shawn Morris said in the announcement.
The health system struck the deal through its Novant Health Enterprises division. Armato said Novant intends for its new provider group to build upon “the standard for unparalleled patient experience [and] high-quality, affordable healthcare” already set by its Novant Health Medical Group.
“Our partnership with Privia Health is the next evolution of our commitment,” he said. “Novant Health is committed to providing options that best meet the needs of our partners.”
Novant Health’s integrated network currently includes over 1,800 physicians and spans more than 800 locations, including 15 hospitals. It reported $812 million of net income and operating revenues of $7.4 billion in 2021.
Arlington, Virginia-based Privia Health was founded in 2007, saw its first practice go live in 2013 and popped during its spring 2021 IPO. It works with over 3,500 providers across nearly 900 practice locations, according to its website. The company reported an 18.3% revenue increase to $966.2 million during 2021 alongside an operating loss of $217.4 million.