KENNETT SQUARE, Pa., March 15, 2023 (GLOBE NEWSWIRE) -- LTC ACO, the first Accountable Care Organization (ACO) in the U.S. dedicated to long-term care facility residents, announced it received a positive reconciliation and settlement under the Medicare Shared Savings Program (MSSP) for the 2021 performance year, earning shared savings of $20.6 million, at the maximum Enhanced Track sharing rate of 75% of gross savings.
LTC ACO achieved the highest shared savings distribution per beneficiary for 2021 at $2,574, marking the second time in three years the organization achieved this milestone while working in partnership with participating primary care practitioners and long-term care facilities to dramatically improve the quality of care for our nation’s most vulnerable patient population.
During 2021, LTC ACO managed more than 8,000 Medicare fee-for-service beneficiaries under the MSSP with annualized Medicare spend of more than $200 million. The ACO generated $28 million in gross savings, ranking it 30th in gross savings among all ACOs. Its gross savings per beneficiary was $3,500, while the previous 29 ACO averaged roughly $593 per beneficiary.
“The Medicare ACO shared savings program is a vital tool in moving the health system toward increased quality and lower costs,” said Jason Feuerman, president and CEO of LTC ACO. “2021 was our sixth performance year and with each year we’ve gained additional insight and experience, enabling us to execute with predictability and confidence. Our positive results reflect the dedication of our participating providers to improve the care for the unique subset of the Medicare population that resides in long-term care nursing facilities. We appreciate the trust they have put into LTC ACO to help them create value for their patients.”
A market-based solution to fragmented and costly care, ACOs empower physicians, hospitals and other providers to work together and take responsibility for enhancing the patient experience and keeping care affordable. As the first mover in the long-term care industry, LTC ACO is well positioned to improve quality of care and create a reliable shared savings revenue opportunity with no downside for those providers serving long-term care nursing facility residents.
“Looking to the future, we are excited about new clinical initiatives, including introducing comprehensive, coordinated approaches to advanced care planning and palliative care, medication management to reduce avoidable hospitalizations, and enhanced clinical analysis, insights and reporting,” said Feuerman.
LTC ACO recently announced 20 new provider groups have joined for 2023.
To learn more about how LTC ACO helps providers achieve financial success and improve clinical impact, visit http://www.ltcaco.com.
About LTC ACO
LTC ACO is the first Accountable Care Organization (ACO) in the United States dedicated to long-term care facility residents. LTC ACO is a subsidiary of Genesis HealthCare and began participating in the Medicare Shared Savings Program (MSSP) in 2016 for Medicare beneficiaries who reside in long-term care facilities. Visit http://www.ltcaco.com/ to explore opportunities for participation.
