Holston Medical Group, and Cornerstone Health Care, based in High Point, NC, have announced the formation of a joint venture designed to assist physician groups desiring to transition their business model from the traditional “fee for service” model to a “fee for value” model.
The new venture will offer a range of consulting services and management tools to help practices make the transition to the “fee for value” population health management model being initiated by medical systems across the nation in an attempt to end the escalation of health care costs.
Participants will benefit from the combined expertise of these two large multi-specialty groups which have successfully transitioned their own practices to assume clinical risk and improve the overall health of their patient population.
“This is value creation,” says HMG President & CEO Scott Fowler, JD, MD. “By working together and establishing a value-based network that integrates patient care information and improves patient outcomes, we’re desiring to improve the health of all patients within our regions.”
According to Fowler, who says HMG’s vision is that of, “engaging our patients and our communities to be the healthiest region in America,” this new joint effort is very much in line with HMG’s goal.
“We want to be a part of the healthcare solution,” says Fowler. “And, we’re excited about the opportunities this venture can provide in the the transformation of healthcare.”
The new joint venture will provide consulting and support services including electronic medical records systems (EMR), health information exchange (HIE), health data analytics, and clinical transformation to assist physician groups in improving the quality of care, enhancing the patient experience and lowering the costs of care.
“Making the changes necessary to fix the issues of our nation’s broken healthcare system can be daunting to those who are new to the concept. By partnering with HMG, we are pooling our experience and resources as a comprehensive service to other groups who want to make the transition as efficiently and effectively as possible,” says Grace E. Terrell, MD, president & CEO of Cornerstone Health Care. “We can help them jumpstart this process to the benefit of their patients and the communities they serve.”