Privia Health Launches Three New Accountable Care Organizations

Rhea-AI Summary

Privia Health Group, Inc. (Nasdaq: PRVA) has launched three new Accountable Care Organizations (ACOs) in Maryland, Florida, and Tennessee, bringing the total to seven ACOs in its portfolio. Effective January 1, 2022, the Privia Quality Network now includes over 1,900 independent providers serving 168,000+ Medicare beneficiaries. Four ACOs have transitioned to the MSSP Enhanced Track, which entails significant financial risks. In 2020, Privia achieved $86.5 million in shared savings through MSSP, with total savings exceeding $576 million since 2014.

Positive

• New ACOs launched in Maryland, Florida, and Tennessee, expanding reach and potential revenue.
• Total Privia ACOs increased to seven, including four now in MSSP Enhanced Track, indicating growth and increased risk management capabilities.
• Achieved $86.5 million in shared savings for 2020, showing successful cost management.
• Total shared savings across government programs surpass $576 million since 2014, indicating strong financial performance.

Negative

• None.

• Launched Three New ACOs in Maryland, Florida and Tennessee
• Transitions Four of its Existing ACOs to the MSSP Enhanced Track
• Privia ACOs now include 1,900+ Independent Providers Serving 168,000+ Medicare Beneficiaries in Medicare Shared Savings Program
  

ARLINGTON, Va., Jan. 26, 2022 (GLOBE NEWSWIRE) -- Privia Health Group, Inc. (Nasdaq: PRVA), today announced it has launched three new Accountable Care Organizations (“ACOs”) in Maryland, Florida and Tennessee, each of which are participating in the Medicare Shared Savings Program (“MSSP”). This expands the total number of Privia-owned ACOs to seven, including its existing ACOs in Georgia, Gulf Coast Texas, North Texas and Virginia.

Effective January 1, 2022, the Privia ACOs (collectively “Privia Quality Network”) will now include more than 1,900 independent providers delivering high-value, cost-efficient care to over 168,000 Medicare beneficiaries, with four of the seven ACOs now participating in the MSSP Enhanced Track with substantial, potential upside and downside financial risk, up from one ACO in the 2021 performance year.

“As Privia Health continues to transform the healthcare delivery experience for patients and providers, we are proud to be launching new ACOs and continuing our relationship with CMS and the MSSP program,” said Privia Health CEO Shawn Morris. “We remain focused on executing on our deliberate, long-term plan to build scaled provider networks nationwide and enable our providers to transition profitably to increased risk in value-based programs over time.

“Our physician and provider partners participate in more than 80 value-based arrangements that range from upside to fully capitated downside financial risk. Our proprietary Privia platform, combined with our physician-led organizational structure, provides the tools, technology and expertise to optimize practice operations and enable physicians to spend more time to care for their patients,” Morris added. “Our historical MSSP performance to date highlights our continued success in reducing unnecessary costs, achieving better outcomes and improving patient health. We expect our accomplishments in MSSP and our years of experience in managing and underwriting risk will help drive continuing success as we move toward.”

In 2020, the most recent performance year, Privia Quality Network achieved aggregate shared savings of $86.5 million through the MSSP. Other notable 2020 performance highlights across Privia Quality Network can be found here. Since Privia Quality Network started participating in MSSP in 2014, Privia Quality Network has delivered total shared savings across government programs and commercial payers of more than $576 million, including more than $281 million through participation in the MSSP.

The amount of Medicare healthcare expenses managed within Privia Quality Network grew to $1.04 billion in 2020 from $111 million in 2014. Established through the Affordable Care Act, MSSP facilitates coordination and cooperation among providers that form ACOs to improve health outcomes, increase the standards of care and reduce unnecessary costs, benefiting 10.7 million patients.

About Privia Health

Privia Health™ is a technology-driven, national physician enablement company that collaborates with medical groups, health plans, and health systems to optimize physician practices, improve patient experiences, and reward doctors for delivering high-value care in both in-person and virtual settings. The Company’s platform is led by top industry talent and exceptional physician leadership, and consists of scalable operations and end-to-end, cloud-based technology that reduces unnecessary healthcare costs, achieves better outcomes, and improves the health of patients and the well-being of providers. For more information, visit priviahealth.com.

Safe Harbor Statement

This release may contain forward-looking statements within the meaning of the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Company’s control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in filings with the Securities and Exchange Commission (“SEC”), including those under “Risk Factors” therein. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Forward-looking statements speak only as of the date made. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Contact:

Robert Borchert
SVP, Investor & Corporate Communications
IR@priviahealth.com
priviapress@priviahealth.com
817.783.4841

FAQ

What new developments has Privia Health (PRVA) announced?

Privia Health launched three new ACOs in Maryland, Florida, and Tennessee, expanding its network.

How many Medicare beneficiaries does Privia Health serve?

Privia Health now serves over 168,000 Medicare beneficiaries through its ACOs.

What is the shared savings amount achieved by Privia Health in 2020?

Privia Health achieved $86.5 million in shared savings through the Medicare Shared Savings Program in 2020.

How many ACOs are now part of the MSSP Enhanced Track?

Four of the seven Privia ACOs are now participating in the MSSP Enhanced Track.

How much total shared savings has Privia Health generated since 2014?

Privia Health has delivered over $576 million in total shared savings across government programs and commercial payers since 2014.