Banner|Aetna Long-Term Contract Extension

PHOENIX, Feb. 3, 2021 /PRNewswire/ -- Banner|Aetna is pleased to announce an agreement on a long-term extension of our joint venture relationship. Banner Health and Aetna created this joint venture four years ago to improve member experience, reduce costs, and improve health care outcomes. Through continued collaboration, it has grown to approximately 350,000 members and has delivered on our commitments of: 

• Savings: Since the inception of Banner|Aetna, the Performance network has continued to drive an average cost savings of 8-14%*. The Performance network has proven to be a very attractive option and when given a choice of broad or performance network, more than half of local members choose a Performance network based plan.
• A Better Member Experience: Through the top-tier services provided by Banner Health doctors, Banner Nurse Now nurses helping members navigate the health care system, an easier to understand member welcome kit, and the adoption of an innovative low-cost virtual care offering through 98point6® Banner|Aetna has delivered an improved experience for members.
• Improved Outcomes: Proactive support for highest risk members through a unique Multi-disciplinary Care Team has helped members live their healthiest lives while supplying cost savings through earlier personal intervention.

"Banner Health Network (BHN) is proud to serve Banner|Aetna members through this successful joint venture. BHN and Banner|Aetna are committed to continuous improvement in member experience, provider experience, and the affordability of care for our members. This long-term agreement will allow us to continue investing in the success of Banner|Aetna," said Chuck Lehn, President of Banner Health Network.

Looking to 2021, Banner|Aetna is focused on several enhancements:

More Savings through:

• Preferred unit cost savings for members and plan sponsors.
• Specialty medicine management services provided by locally based Banner Family Pharmacy to drive reduced waste management and provide the flexibility to deliver medications same day.

Superior Member Experience by:

• Moving care decisions closer to the provider by delegating additional utilization management responsibilities to Banner Health which streamlines processes and reduces errors.
• Developing a cost transparency and frictionless billing process with Banner Health, which will show costs upfront and result in one combined, easy to understand bill.
• Automating pre-authorization to streamline the process and improve the experience for patients and physicians.
• Providing easier access to care with digital tools like expanded online appointment scheduling, virtual primary care services through local PCPs or via an app, and more.

Increased Clinical Service Access by:

• Incorporating MinuteClinic® locations, including those at CVS® HealthHub^TM settings, into our network to offer members additional options for affordable, coordinated, and convenient access to care.

"This is, by far, the most exciting endeavor I have been involved in during my 30 plus years in the health insurance industry," said Tom Grote, CEO of Banner|Aetna. "I truly appreciate the ongoing support and investments our parent companies provide that will allow us to continue transforming health care in Arizona. We all look forward to building on our success from the previous four years."

About Banner|Aetna
Banner|Aetna is a health insurance company focusing on bettering member outcomes at a lower cost, all while improving the overall member experience for employers and consumers in Arizona. The collaboration combines Banner Health's high quality, local providers and delivery systems with Aetna's health-plan experience, care management and health-information technology. Banner|Aetna is the brand name used for products and services provided by Banner Health and Aetna Health Insurance Company and Banner Health and Aetna Health Plan Inc. For more information about Banner|Aetna, visit https://www.banneraetna.com/.

About Banner Health
As one of the largest nonprofit health care systems in the country, the team at Banner Health is committed to ensuring all Banner locations are a safe place for care. Headquartered in Phoenix, Banner Health owns and operates 30 acute-care hospitals and an array of other services, including Banner Imaging, Banner Telehealth, and Banner Urgent Care. Team members are dedicated to protecting the health and safety of patients, be it a routine checkup, elective surgery or an urgent health service. Waiting room and employee workstation layouts maintain proper social distancing; screenings are conducted at hospital entrances to verify that all employees and visitors are well; and, all Banner physicians are equipped to visit patients remotely. Learn more about Banner's commitment to safety at bannerhealth.com/safecare.

About Aetna
Aetna, a CVS Health business, serves an estimated 34 million people with information and resources to help them make better informed decisions about their health care. Aetna offers a broad range of traditional, voluntary and consumer-directed health insurance products and related services, including medical, pharmacy, dental and behavioral health plans, and medical management capabilities, Medicaid health care management services, workers' compensation administrative services and health information technology products and services. Aetna's customers include employer groups, individuals, college students, part-time and hourly workers, health plans, health care providers, governmental units, government-sponsored plans, labor groups and expatriates. For more information, visit www.aetna.com.

*Comparison is to Aetna's broad network plans. Savings may be less when compared to other value-based network plans.

SOURCE Banner|Aetna

Related Links

https://www.banneraetna.com/