|By Marketwired .||
|May 20, 2014 02:36 PM EDT||
BOYNTON BEACH, FL--(Marketwired - May 20, 2014) - Accountable Care Options, LLC and its network of primary care physicians were rewarded for reducing costs while achieving a 100% Quality Score during their first year in the Medicare Shared Savings Program.
The company and doctors achieved an Interim Shared Savings of more than $8 million for Medicare in the innovative program. The lower costs came from focusing on wellness and prevention, and doing a better job of managing individuals with chronic conditions. For their efforts, the organization earned a $4.2 million bonus from the Centers for Medicare & Medicaid Services.
They were among only 29 Accountable Care Organizations (ACO) in the nation to receive payments from Medicare. That set the network apart from ACOs that either received no payments or lost money. Accountable Care Options takes all of the financial risk in the Medicare program; member physicians receive their regular payments for treatment directly from Medicare.
Accountable Care Options was one of 114 ACOs as of July 2012, when it entered the Medicare Program. The network facilitates coordination and cooperation among healthcare providers to improve the quality of care for Medicare fee-for-service beneficiaries and to reduce the growth in costs. ACOs share with Medicare any savings generated after meeting standards for high quality care.
"We have figured out how to make the new rules of Obamacare work for both physicians and Medicare patients," said Accountable Care Options CEO Richard Lucibella. "At a time when many ACOs are struggling, we're prospering."
Accountable Care Options' 28 Internal Medicine and Family Practice partners have 23 offices in Palm Beach and Broward counties and care for 6,800 Medicare ACO beneficiaries. Most practices have one or two physicians. Accountable Care Options is growing its network in Miami-Dade, Broward and Palm Beach counties through the addition of primary care practices.
"It is gratifying to be able to practice medicine the way we were trained, focusing on coordinated care, prevention and management of chronic conditions," said Mitchell Perelman, M.D. "We are like-minded physicians all committed to providing the best possible care to our patients."
About Accountable Care Options, LLC: Accountable Care Options, LLC is a privately owned and managed network of South Florida primary care practices providing coordinated care as part of the Medicare Shared Savings Program. The Accountable Care Organization, or ACO, takes all financial risk in the program, while member physicians receive their normal Medicare payments. The network and physicians share in bonuses paid by Medicare for reaching quality care and savings goals. For more information, visit www.aco-fl.com.