Privia Health to Partner with OhioHealth Health System

Rhea-AI Summary

Privia Health (Nasdaq: PRVA) and OhioHealth have announced a non-binding memorandum of understanding to establish a strategic partnership aimed at launching a medical group for independent providers in Ohio. This collaboration will enhance OhioHealth’s existing clinically integrated network (CIN) and offer an alternative for physicians wishing to maintain their independence. The anticipated new medical group will utilize Privia's technology platform to improve operational efficiency and support value-based care.

Positive

• Formation of a strategic partnership with OhioHealth is expected to enhance growth and performance.
• New medical group aims to provide an alternative for independent physicians in Ohio.
• Access to Privia's technology and services will alleviate administrative burdens for providers.

Negative

• The partnership is non-binding and subject to negotiation, introducing uncertainty.
• Potential inability to finalize a definitive partnership agreement may impact expected benefits.

ARLINGTON, Va., Sept. 07, 2022 (GLOBE NEWSWIRE) -- Privia Health (Nasdaq: PRVA) and OhioHealth, a nationally recognized not-for-profit health system, today announced a non-binding memorandum of understanding to form a strategic partnership and launch a medical group for independent providers throughout the state of Ohio. The partnership is subject to the negotiation and execution of definitive agreements by both parties.

The partnership is expected to support the growth and enhance the performance of OhioHealth’s existing clinically integrated network (CIN). Privia Health and OhioHealth are expected to provide a new alternative for Ohio physicians and provider groups that choose to remain independent and care for patients across all payment models as they move into value-based care arrangements.

New providers are expected to join the new medical group and access the Privia technology and services platform to leverage its data connectivity through a breadth of interoperable solutions and population health expertise to reduce administrative burden, enable care insights and collaboration. Upon execution of the agreements, the new medical group is expected to participate exclusively in OhioHealth’s CIN and Accountable Care Organization (ACO) for access to value-based arrangements.

About OhioHealth

Based in Columbus, Ohio, OhioHealth is a nationally recognized, not-for-profit, charitable, healthcare outreach of the United Methodist Church. Serving its communities since 1891, OhioHealth is a family of 35,000 associates, physicians and volunteers, and a network of 12 hospitals, 200+ ambulatory sites, hospice, home-health, medical equipment and other health services spanning a 47-county area. It has been recognized by FORTUNE as one of the “100 Best Companies to Work For” 14 times since 2007. For more information, please visit www.ohiohealth.com.

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. Our 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, including statements regarding the anticipated partnership with OhioHealth and the anticipated terms and benefits of any such partnership. 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, the inability to finalize a definitive partnership agreement, the parties’ inability to realize all of the anticipated benefits of any agreement and 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 P. Borchert
SVP, Investor & Corporate Communications
IR@priviahealth.com
817.783.4841

FAQ

What is the strategic partnership between Privia Health and OhioHealth about?

Privia Health and OhioHealth plan to create a medical group for independent providers in Ohio, enhancing OhioHealth's clinically integrated network.

When was the announcement of the partnership between Privia Health and OhioHealth made?

The partnership was announced on September 7, 2022.

What are the expected benefits of the Privia Health and OhioHealth partnership?

The partnership aims to support growth for independent physicians and optimize care through Privia's technology and services.

What does the memorandum of understanding between Privia Health and OhioHealth imply?

The memorandum is a preliminary agreement that outlines the intent to form a partnership, but it is non-binding and requires further negotiation.