Blue Cross Blue Shield of Michigan forms a joint venture with Honest Medical Group to help physicians provide quality, affordable patient care to Medicare patients
DETROIT, April 25, 2022 /PRNewswire/ — Blue Cross Blue Shield by Michigan (BCBSM) today announced a joint venture with Nashville-based Honest Medical Group to provide physicians with comprehensive operational, clinical and financial support for shared responsibility Medicare contracts. The joint venture is the first of its kind for BCBSM and is consistent with the organization’s continued expansion of Blueprint for Affordability, its member-centric, values-based service and payment models.
Physician organizations may choose to work with Honest Medical Group for assistance in implementing administrative and operational changes necessary to successfully complete traditional Medicare and Medicare Advantage payer agreements. When providers choose to enter into these arrangements, they often require significant resources to add or upgrade electronic medical record systems, billing systems, virtual care, and other practice features. Honest can provide financial and human resources to support practices in this transformation.
“Our Medicare Advantage population typically has more chronic illnesses or multiple health conditions that require a higher level of coordination and management. That’s why we continue to evolve our values-based models to help members receive appropriate, high-quality, personalized healthcare more affordable. And we make partnership decisions like this with Honest to best support the doctors who care for our members,” he said Daniel J LoeppPresident and CEO, Blue Cross Blue Shield of Michigan.
Honest Medical Group was formed specifically to improve the caregiving experience and reduce costs for people on Medicare. The new partnership will transform the way a physician’s entire Medicare patient board cares and enable physicians to leverage Honest Medical Group for their traditional Medicare and Medicare Advantage members in any healthcare plan. The partnership enables physicians to thrive as Blue Cross and other private and government healthcare plans accelerate the transition to broader value-based payment models that add a deeper level of shared financial accountability between physician practices.
“This is just the beginning of a long-term partnership that we know will serve as a new model for healthcare companies and healthcare plans across the country that need it most,” said Adam Boehler, Chairman and Co-Founder of Honest Medical Group. “We have confidence in the leadership of Dr. Ari Coffman and team that we will be successful.”
As the state’s largest health insurer, Blue Cross is leading transformative change in the development and facilitation of value-based care arrangements Michigan while ensuring that physicians can be successful in these agreements. This partnership builds on the growing spectrum of value-based initiatives that are part of Blueprint for Affordability, a collection of value-based payment models with varying levels of physician financial accountability.
Visit bcbsm.com for more information
About Blue Cross Blue Shield by Michigan
Blue Cross Blue Shield of Michigan, a not-for-profit mutual insurance company, is an independent licensee of the Blue Cross and Blue Shield Association. BCBSM offers health benefits to more than 4.7 million members residing in Germany Michigan In addition to employees of Michigan-Companies based out of the state. The company has been committed to providing affordable healthcare products through a wide range of plans for businesses, individuals and seniors for more than 80 years. Beyond healthcare, BCBSM supports impactful community initiatives and provides leadership in improving healthcare. For more information visit bcbsm.com and MiBluesPerspectives.com.
About Honest Medical Group
Honest Medical Group is one Nashville-based, privately held company that works with physicians to improve their patients’ care experience and reduce costs for people on Medicare. Honest provides financial support, real-time insights, care management teams and administrative staff to enable physicians to put their patients first. Honest was founded by healthcare innovators Adam BoehlerFounder and CEO of healthcare investment firm Rubicon Founders; Abe Sutton; and Matt Kim. For more information visit HonestMedicalGroup.com.
SOURCE Blue Cross Blue Shield from Michigan