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Privia Health Reports 2023 Performance Results in the Medicare Shared Savings Program

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Privia Health Group (Nasdaq: PRVA) announced that its Accountable Care Organizations (ACOs) achieved $176.6 million in shared savings through the Medicare Shared Savings Program (MSSP) for 2023, a 34.1% increase from 2022. The company's 10 ACOs managed over $2.3 billion in healthcare benchmark spend through approximately 2,850 providers serving 194,786 Medicare beneficiaries. Notable achievements include a 7.6% aggregate savings rate, beneficiary expenditures 8% lower than median ACO, and emergency department visits 16% lower than median ACO. Since 2014, Privia Quality Network has delivered total shared savings of over $1.2 billion across various programs.

Privia Health Group (Nasdaq: PRVA) ha annunciato che le sue Organizzazioni di Assistenza Responsabile (ACO) hanno raggiunto 176,6 milioni di dollari in risparmi condivisi attraverso il Programma di Risparmi Condivisi Medicare (MSSP) per il 2023, con un incremento del 34,1% rispetto al 2022. Le 10 ACO dell'azienda hanno gestito oltre 2,3 miliardi di dollari in spesa sanitaria di riferimento tramite circa 2.850 fornitori al servizio di 194.786 beneficiari di Medicare. Tra i risultati notevoli figurano un tasso di risparmio aggregato del 7,6%, spese per i beneficiari inferiori dell'8% rispetto alla media delle ACO, e visite al pronto soccorso inferiori del 16% rispetto alla media delle ACO. Dal 2014, Privia Quality Network ha generato risparmi condivisi totali superiori a 1,2 miliardi di dollari attraverso vari programmi.

Privia Health Group (Nasdaq: PRVA) anunció que sus Organizaciones de Atención Responsable (ACO) lograron 176,6 millones de dólares en ahorros compartidos a través del Programa de Ahorros Compartidos de Medicare (MSSP) para 2023, un aumento del 34,1% con respecto a 2022. Las 10 ACO de la empresa gestionaron más de 2,3 mil millones de dólares en gasto de atención médica de referencia a través de aproximadamente 2.850 proveedores que atienden a 194.786 beneficiarios de Medicare. Los logros notables incluyen una tasa de ahorro agregada del 7,6%, gastos de los beneficiarios un 8% más bajos que la ACO media, y visitas al departamento de emergencias un 16% más bajas que la ACO media. Desde 2014, Privia Quality Network ha generado un total de ahorros compartidos de más de 1,2 mil millones de dólares a través de varios programas.

프리비아 헬스 그룹 (Nasdaq: PRVA)는 자사의 책임 의료 조직(ACO)이 2023년 메디케어 공유 저축 프로그램(MSSP)을 통해 1억 7,660만 달러의 공유 저축을 달성했다고 발표했습니다. 이는 2022년 대비 34.1% 증가한 수치입니다. 회사의 10개 ACO는 약 2,850명의 제공자를 통해 194,786명의 메디케어 수혜자를 돕는 가운데 23억 달러 이상의 의료 지출을 관리했습니다. 주요 성과로는 7.6%의 총 저축률, 평균 ACO에 비해 수혜자 지출이 8% 낮고, 평균 ACO에 비해 응급실 방문이 16% 낮은 점이 있습니다. 2014년 이후, 프리비아 퀄리티 네트워크는 다양한 프로그램을 통해 총 12억 달러 이상의 공유 저축을 달성했습니다.

Privia Health Group (Nasdaq: PRVA) a annoncé que ses Organisations de Soins Responsables (ACO) ont obtenu 176,6 millions de dollars d’économies partagées grâce au Programme d'Économies Partagées Medicare (MSSP) pour 2023, soit une augmentation de 34,1 % par rapport à 2022. Les 10 ACO de l’entreprise ont géré plus de 2,3 milliards de dollars de frais de santé de référence via environ 2 850 prestataires au service de 194 786 bénéficiaires de Medicare. Parmi les résultats notables figurent un taux d'économies agrégé de 7,6 %, des dépenses des bénéficiaires inférieures de 8 % à la médiane des ACO, et des visites aux urgences inférieures de 16 % à la médiane des ACO. Depuis 2014, le Privia Quality Network a généré des économies partagées totales de plus de 1,2 milliard de dollars à travers divers programmes.

Privia Health Group (Nasdaq: PRVA) gab bekannt, dass ihre Verantwortlichen Gesundheitsorganisationen (ACO) im Rahmen des Medicare Shared Savings Program (MSSP) für 2023 176,6 Millionen Dollar an gemeinsamen Einsparungen erzielt haben, was einem Anstieg von 34,1% gegenüber 2022 entspricht. Die 10 ACOs des Unternehmens verwalteten über 2,3 Milliarden Dollar an benchmarkbezogenen Gesundheitsausgaben durch etwa 2.850 Anbieter, die 194.786 Medicare-Begünstigte betreuen. Zu den bemerkenswerten Erfolgen gehören eine aggregierte Einsparungsrate von 7,6%, Ausgaben der Begünstigten, die 8% unter dem Median der ACO liegen, und Notaufnahmebesuche, die 16% unter dem Median der ACO liegen. Seit 2014 hat das Privia Quality Network insgesamt über 1,2 Milliarden Dollar an gemeinsamen Einsparungen aus verschiedenen Programmen erzielt.

Positive
  • 34.1% increase in shared savings from 2022 to $176.6 million
  • 9 out of 10 ACOs achieved savings
  • 7.6% aggregate savings rate across ACOs
  • 10.6% savings rate in Mid-Atlantic ACO, highest among ACOs with >40,000 attributed lives
  • Beneficiary expenditures 21% below fee-for-service Medicare
  • Inpatient facility spend 27% lower than fee-for-service Medicare
  • Emergency department visits 25% below fee-for-service Medicare
Negative
  • Delaware ACO exit at the end of 2023

Insights

The $176.6 million in shared savings represents a substantial 34.1% year-over-year increase, demonstrating exceptional operational efficiency in Privia's ACO network. The 7.6% aggregate savings rate (8.2% excluding Delaware) shows strong cost management capabilities, particularly in the Mid-Atlantic ACO's impressive 10.6% savings rate.

Key performance metrics reveal significant cost advantages: 21% below fee-for-service Medicare in beneficiary expenditures, 27% lower inpatient facility spend and 33% lower outpatient facility spend. The cumulative $1.2 billion in total shared savings across all programs, including $690 million from MSSP, indicates a sustainable and scalable business model. This performance strengthens Privia's market position in value-based care and suggests continued revenue growth potential.

The operational metrics reveal exceptional healthcare delivery efficiency across multiple dimensions. Managing $2.3 billion in healthcare benchmark spend through approximately 2,850 providers demonstrates robust scale. The 16% lower emergency department visits compared to median ACOs and 25% below fee-for-service Medicare indicates superior preventive care and patient management strategies.

Successfully achieving savings in 9 out of 10 ACOs shows systematic excellence rather than isolated success. The strategic decision to exit the Delaware ACO reflects prudent portfolio management. With 1.2 million attributed lives across various programs, Privia demonstrates strong operational capabilities in managing diverse payment models and scaling its platform effectively.

$176.6 Million in Shared Savings Delivered Across 10 Participating ACOs

ARLINGTON, Va., Oct. 29, 2024 (GLOBE NEWSWIRE) -- Privia Health Group, Inc. (Nasdaq: PRVA) today announced that its Accountable Care Organizations (ACOs) achieved shared savings of $176.6 million through the Medicare Shared Savings Program (MSSP) for the 2023 performance year, a 34.1% increase from 2022. The 10 ACOs (collectively, Privia Quality Network or PQN) managed over $2.3 billion in healthcare benchmark spend through approximately 2,850 providers delivering high-value, cost-efficient care to 194,786 Medicare beneficiaries in 2023.

“The success of Privia Quality Network in MSSP is a testament to the dedication and skill of our doctors, who provided exceptional care to nearly 195,000 patients. Their commitment to delivering high-value, cost-effective care has allowed us to achieve significant savings while improving patient outcomes,” said Chief Clinical Officer, Dr. Keith Fernandez. “At Privia, we are transforming healthcare by enhancing the patient experience, empowering physicians, and driving better outcomes. We are proud of the work that our doctors do, and we are committed to continuing to provide the best possible care to our patients.”

Privia Quality Network’s MSSP performance highlights for 2023:

  • Achieved savings by 9 out of 10 ACOs
  • Delivered an aggregate savings rate of 7.6%, or 8.2% excluding the Delaware ACO Privia exited at the end of 2023
  • Achieved the highest savings rate (10.6%) in its Mid-Atlantic ACO compared with all ACOs with more than 40,000 attributed lives participating in the MSSP
  • Achieved beneficiary expenditures 8% lower than median ACO and 21% below fee-for-service Medicare
  • Delivered inpatient facility spend 14% lower than median ACO and 27% lower than fee-for-service Medicare
  • Achieved outpatient facility spend 18% lower than median ACO and 33% lower than fee-for-service Medicare
  • Realized emergency department visits 16% lower than median ACO and 25% below fee-for-service Medicare

Privia Quality Network supports physician practices and 1.2 million patient attributed lives in MSSP, Medicare Advantage, Commercial, and Medicaid arrangements. Since 2014, PQN has delivered total shared savings across these programs of over $1.2 billion, including $690 million through participation in the MSSP.

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 Privia 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 U.S. Private Securities Litigation Reform Act of 1995. Such statements relate to our current expectations, projections and assumptions about our business, the economy and future events or conditions. They do not relate strictly to historical or current facts. Forward-looking statements can be identified by words such as “aims,” “anticipates,” "assumes," “believes,” “estimates,” “expects,” “forecasts,” “future,” “intends,” “likely,” “may,” “outlook,” “plans,” “potential,” “projects,” “seeks,” “strategy,” “targets,” “trends,” “will,” “would,” “could,” “should,” and variations of such terms and similar expressions and references to guidance, although some forward-looking statements may be expressed differently. In particular, these include statements relating to, among other things: our future actions, business plans, objectives and prospects; and our future operating or financial performance and projections, including our full-year guidance for 2024. Factors or events that could cause actual results to differ may emerge from time to time and are difficult to predict. Should known or unknown risks or uncertainties materialize, or should underlying assumptions prove inaccurate, actual results may differ materially from past results and those anticipated, estimated or projected. We caution you not to place undue reliance upon any of these forward-looking statements. Factors related to these risks and uncertainties include, but are not limited to: any failure by the Company to comply with applicable healthcare laws and government regulations in the heavily regulated industry in which the Company operates; the impact of changes in applicable laws, rules or regulations, including with respect to health plans and payers and our relationships with such plans and payers, and provisions that impact Medicare and Medicaid programs; the Company’s dependence on relationships with its medical groups, some of which the Company does not own; the Company’s growth strategy, which may not prove viable and the Company may not realize expected results; difficulties implementing the Company’s proprietary end-to-end, cloud-based technology solution for Privia physicians and new medical groups; the high level of competition in the Company’s industry and any failure by the Company to compete effectively and innovate; challenges in successfully establishing a presence in new geographic markets; the Company’s reliance on its electronic medical record vendor, which the Privia Technology Solution is integrated and built upon; changes in the payer mix of patients and potential decreases in the Company’s reimbursement rates as a result of consolidation among commercial payers; the financial and operational impact of complying with various complex and changing federal and state privacy and security laws and regulations related to Company’s use, disclosure, and other processing of personal information and protected health information, including the Health Insurance Portability and Accountability Act of 1996; the impact of actual and potential cybersecurity incidents or privacy and security breaches involving us, our vendors or other third parties; the continued availability of a qualified workforce, including staff at our medical groups, and the continued upward pressure on compensation for such workforce; and those factors discussed under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and the Company’s subsequent Quarterly Reports on Form 10-Q. All information in this press release is as of the date of the release, and the Company undertakes no duty to update this information unless required by law.

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


FAQ

What was Privia Health's (PRVA) total shared savings in MSSP for 2023?

Privia Health achieved $176.6 million in shared savings through the Medicare Shared Savings Program (MSSP) for the 2023 performance year.

How many Medicare beneficiaries did Privia Health (PRVA) serve in 2023?

Privia Health served 194,786 Medicare beneficiaries through approximately 2,850 providers in 2023.

What was Privia Health's (PRVA) aggregate savings rate in 2023?

Privia Health achieved an aggregate savings rate of 7.6%, or 8.2% excluding the Delaware ACO which was exited at the end of 2023.

How much has Privia Health (PRVA) saved in total since 2014?

Since 2014, Privia Health has delivered total shared savings of over $1.2 billion across MSSP, Medicare Advantage, Commercial, and Medicaid arrangements.

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