WellBe Senior Medical Partners with The Oncology Institute to Extend High-Value Cancer Care Services Across Illinois and Ohio
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Insights
The partnership between WellBe Senior Medical and The Oncology Institute represents a strategic move within the healthcare sector, particularly affecting the Medicare Advantage market. By integrating The Oncology Institute's High-Value Cancer Care Program into WellBe's services, there is a clear intent to enhance the quality of care for seniors with complex health needs. This initiative could lead to improved patient outcomes and satisfaction, which are critical metrics for Medicare Advantage plans. The emphasis on reducing acute care facility utilization aligns with the broader industry trend towards cost containment and value-based care.
From a business perspective, such collaborations can potentially increase market share for both entities by offering a differentiated service. The focus on patient-centric care, particularly for a vulnerable and growing demographic, may also drive positive perceptions and increased loyalty among current and future members, potentially impacting the bottom line positively.
The High-Value Cancer Care Program's emphasis on customized care management and supportive care services is a significant development in oncology treatment, especially for polychronic patients. By addressing the supportive care needs in tandem with ongoing cancer treatment, WellBe Senior Medical and The Oncology Institute are acknowledging the complex interplay between cancer and other chronic conditions prevalent in the senior population.
Research has consistently shown that integrated care approaches can lead to better health outcomes and patient satisfaction. The reported improvements in patient satisfaction and reduced reliance on acute care facilities suggest a successful implementation of this integrated approach, which could serve as a model for other healthcare providers looking to improve efficiency and patient care quality.
The strategic partnership between WellBe Senior Medical and The Oncology Institute is likely to have financial implications for both companies and their stakeholders. For The Oncology Institute, this partnership could translate into increased demand for its services, potentially improving its revenue streams and stock market performance. Furthermore, demonstrating success in this partnership could help The Oncology Institute in securing additional contracts with other healthcare providers.
For WellBe Senior Medical, the integration of high-value cancer care services may enhance its competitive positioning within the Medicare Advantage space, potentially attracting more members and improving its bargaining power with health plans. Long-term, if the partnership leads to cost savings from reduced acute care utilization, it could result in a more favorable cost structure and potentially higher profitability.
CERRITOS, Calif., Jan. 25, 2024 (GLOBE NEWSWIRE) -- WellBe Senior Medical announced today that it is strengthening its cancer care capabilities to further support its mission of managing the population health of polychronic Medicare Advantage patients by partnering with leading cancer care provider, The Oncology Institute, Inc. (NASDAQ: TOI).
WellBe now offers The Oncology Institute’s High-Value Cancer Care Program to eligible patients in Illinois and Ohio. As part of this program, TOI provides care management and supportive care services customized to the needs of the individual patient with active cancer diagnoses. This program has demonstrated significant improvements in patient satisfaction, less acute care facility utilization, and is focused on addressing the supportive care needs of patients without displacing the community oncologist.
“At WellBe, we partner with health plans to care for their most complex members and bring customized care to their homes,” shared Dr. Iyad Houshan, Chief Medical Officer of WellBe Senior Medical. “A cancer diagnosis is a life-changing event for all, and especially for seniors with multiple chronic conditions. We chose The Oncology Institute to partner with so that we can offer added care and resources to our patients and their families to help mitigate some of the burdens during a cancer treatment episode.”
“We are excited about the opportunity to serve more patients in partnership with WellBe Senior Medical across these two new states for TOI,” commented Dr. Daniel Virnich, CEO of The Oncology Institute. “WellBe’s mission to provide tailored care to the frailest seniors aligns with TOI’s goals in cancer care. We have been refining this program for many years and have published outcomes that show benefit for patients. Our model ensures that we are providing complementary services to manage patient experience and acute care utilization in addition to the services that a community-based oncologist can provide.”
About The Oncology Institute
Founded in 2007, The Oncology Institute, Inc. (NASDAQ: TOI) is advancing oncology by delivering highly specialized, value-based cancer care in the community setting. TOI offers cutting-edge, evidence-based cancer care to a population of more than 1.8 million patients including clinical trials, transfusions, and other care delivery models traditionally associated with the most advanced care delivery organizations. With 110+ employed clinicians and over 70 clinic locations and growing, TOI is changing oncology for the better. For more information visit theoncologyinstitute.com.
About WellBe Senior Care
WellBe Senior Medical works with health insurance plans to provide home-based medical care to patients who are facing multiple complex health challenges. WellBe’s healthcare experts are committed to providing personalized appointments wherever our patients call home. Our care team works together with patients, their caregivers, and physicians to nurture all aspects of health. For more information, please visit wellbe.com or call 1-855-477-4151.
Contacts
Investors
Solebury Strategic Communications
investors@theoncologyinstitute.com
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