Milliman MedInsight Clients Secure $658 Million Savings in 2024 Medicare Program
In a significant achievement, Milliman MedInsight, a premier provider of healthcare data analytics, revealed that its Accountable Care Organization (ACO) clients collectively realized $658 million in savings during the 2024 Medicare Shared Savings Program (MSSP). This impressive performance not only surpasses the national averages but also indicates the capabilities of leveraging data-driven strategies in healthcare to enhance outcomes and reduce costs.
According to initial data from the Centers for Medicare & Medicaid Services (CMS), approximately 80% of Milliman's ACO clients earned shared savings, which is a notable feat compared to the 75% success rate of ACOs nationwide. Furthermore, the per-beneficiary savings amount reached $509, significantly higher than the national average of $394. These figures endorse the effectiveness of MedInsight’s advanced analytics and the strategic methodologies employed by their healthcare partners.
Meghan Fetherston, Chief Client Officer at MedInsight, emphasized the significance of these results, stating, "The outstanding performance of our ACO clients illustrates the power of utilizing advanced analytics paired with deep industry expertise to foster measurable improvements in patient outcomes, efficiency, and overall care quality. Our dedication remains unwavering — we aim to provide our clients with indispensable insights and tools that empower them to excel in value-based care systems."
The MSSP, which is now in its eighth year of operation, aims to promote cooperative efforts among healthcare providers, thereby enhancing care quality, improving patient experiences, and minimizing unnecessary expenses for Medicare beneficiaries. The results achieved by MedInsight's clients serve as a luminous example of success within this framework.
Adding to this, Francesca Hammerstrom, General Manager of Value-Based Care at MedInsight, praised their clients for effectively utilizing data-driven tactics and extensive expertise in value-based care to excel in the program. She remarked, "By fusing timely and reliable data with actionable insights, our clients are discovering innovative methods to enhance patient outcomes while managing costs efficiently. Our commitment to providing essential tools for their success remains steadfast."
Furthermore, through the industry-leading Value-Based Care (VBC) Platform, MedInsight empowers ACOs to utilize timely data, thereby uncovering opportunities for improvements in quality and cost efficiency. In recent years, the company has invested significantly in enhancing its platform by integrating advanced features like clinical data integration, predictive modeling, and user-friendly dashboards. These developments address the challenges that healthcare organizations face, enabling ACO clients to reach and maintain success in their value-based care contracts.
In conclusion, Milliman MedInsight's remarkable achievement in the 2024 Medicare Shared Savings Program stands as a testament to the efficacy of data analytics in healthcare. By effectively harnessing analytics, their ACO clients have set a new standard in value-based care, and their continued commitment highlights a path forward for the healthcare industry. For further insights, please visit medinsight.com.
According to initial data from the Centers for Medicare & Medicaid Services (CMS), approximately 80% of Milliman's ACO clients earned shared savings, which is a notable feat compared to the 75% success rate of ACOs nationwide. Furthermore, the per-beneficiary savings amount reached $509, significantly higher than the national average of $394. These figures endorse the effectiveness of MedInsight’s advanced analytics and the strategic methodologies employed by their healthcare partners.
Key Highlights from the 2024 MSSP Results:
- - Higher Savings Rate: Of the ACO clients, 33 out of 41 achieved shared savings, showcasing a striking performance relative to peers across the nation.
- - Greater Per-Beneficiary Savings: With a savings of $509 per beneficiary, MedInsight clients exceeded the national benchmark by 29%. This translates to better financial outcomes for participating organizations.
- - Stronger Year-Over-Year Improvement: A remarkable 63% of MedInsight ACO clients reported an increase in their earned savings compared to the previous year, in contrast to 53% of returning ACOs nationally.
Meghan Fetherston, Chief Client Officer at MedInsight, emphasized the significance of these results, stating, "The outstanding performance of our ACO clients illustrates the power of utilizing advanced analytics paired with deep industry expertise to foster measurable improvements in patient outcomes, efficiency, and overall care quality. Our dedication remains unwavering — we aim to provide our clients with indispensable insights and tools that empower them to excel in value-based care systems."
The MSSP, which is now in its eighth year of operation, aims to promote cooperative efforts among healthcare providers, thereby enhancing care quality, improving patient experiences, and minimizing unnecessary expenses for Medicare beneficiaries. The results achieved by MedInsight's clients serve as a luminous example of success within this framework.
Adding to this, Francesca Hammerstrom, General Manager of Value-Based Care at MedInsight, praised their clients for effectively utilizing data-driven tactics and extensive expertise in value-based care to excel in the program. She remarked, "By fusing timely and reliable data with actionable insights, our clients are discovering innovative methods to enhance patient outcomes while managing costs efficiently. Our commitment to providing essential tools for their success remains steadfast."
Furthermore, through the industry-leading Value-Based Care (VBC) Platform, MedInsight empowers ACOs to utilize timely data, thereby uncovering opportunities for improvements in quality and cost efficiency. In recent years, the company has invested significantly in enhancing its platform by integrating advanced features like clinical data integration, predictive modeling, and user-friendly dashboards. These developments address the challenges that healthcare organizations face, enabling ACO clients to reach and maintain success in their value-based care contracts.
In conclusion, Milliman MedInsight's remarkable achievement in the 2024 Medicare Shared Savings Program stands as a testament to the efficacy of data analytics in healthcare. By effectively harnessing analytics, their ACO clients have set a new standard in value-based care, and their continued commitment highlights a path forward for the healthcare industry. For further insights, please visit medinsight.com.
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