Cone Health joins sys­tems of­fer­ing in­sur­ance plans

Modern Healthcare - - REGIONAL NEWS - —Beth Kutscher

Cone Health joins the ranks of health sys­tems en­ter­ing the in­sur­ance busi­ness as it be­gins to mar­ket its new Medi­care Ad­van­tage plan.

The Greens­boro, N.C.-based sys­tem, a two-hos­pi­tal group whose flag­ship fa­cil­ity is 1,004-bed Moses H. Cone Me­mo­rial Hos­pi­tal, sub­mit­ted its ap­pli­ca­tion to the CMS in Fe­bru­ary. The Medi­care Ad­van­tage prod­uct rep­re­sents its first ven­ture into the in­sur­ance mar­ket.

Cone Health be­gan mar­ket­ing and advertising the plan last week and will start en­rolling pa­tients on Oct. 15. Cov­er­age will be­gin Jan. 1.

The sys­tem is en­ter­ing the in­sur­ance mar­ket through its part­ner­ship with North Texas Spe­cialty Physi­cians, which al­ready has an in­sur­ance busi­ness known as Care N’ Care In­sur­ance Co. The Medi­care Ad­van­tage plan, HealthTeam Ad­van­tage, will op­er­ate as a joint ven­ture be­tween Cone Health and Care N’ Care.

Terry Akin, Cone Health’s pres­i­dent and CEO, de­scribed the en­try as a small step into the in­sur­ance in­dus­try. He de­clined to com­ment on ex­pected en­roll­ment num­bers but said, “I don’t think we’re talk­ing tens of thou­sands, or hun­dreds of thou­sands.”

The move builds on the sys­tem’s other for­ays into risk-based pay­ments. Its ac­count­able care or­ga­ni­za­tion, Triad Healthcare Net­work, is par­tic­i­pat­ing in the Medi­care Shared Sav­ings pro­gram. Triad saved $21.5 mil­lion in its first year and earned 50% of that in shared sav­ings, said Steve Ne­orr, pres­i­dent of HealthTeam Ad­van­tage.

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