GREENWICH, Conn. and INDIANAPOLIS, Nov. 5, 2019 /PRNewswire/ -- Cedar Gate Technologies (Cedar Gate), a leading value-based care analytics company, and Franciscan Alliance, a faith-based, integrated healthcare provider, today announced that their collaboration has resulted in Franciscan Alliance improving the performance of its Franciscan ACO (Accountable Care Organization) by $44.4 million in 2018, as compared to 2016.
"We are extremely pleased to have achieved such a significant improvement in our ACO performance in such a short period of time," said Albert Tomchaney, MD, Chief Medical Officer for the Franciscan Health Alliance. "The improvement is a direct result of the outstanding work being done by our team to execute on the actuarial insights, network opportunities and cost reduction opportunities identified by our partner Cedar Gate."
Cedar Gate is a collaborative partner to payers, providers and employers and provides the analytic insights and operating systems to help them make a successful transition from fee-for-service to value-based care.
"We are very proud to be the Franciscan Alliance's partner and to have helped them achieve such outstanding results," said David B. Snow Jr., CEO of Cedar Gate Technologies. "They have been diligent in developing the capabilities needed to act on the financial, network and clinical opportunities our systems identify so I am not at all surprised by these strong results."
Cedar Gate value-based systems optimize the performance of risk-based contracts (including upside only, upside-downside risk corridors, prospective bundles, retrospective bundles and global capitation). Its prospective bundled payment administration system automatically converts multiple fee-for-service claims into a single bundled claim, with subsequent unbundling, adjudication and payment.
About Cedar Gate Technologies
Cedar Gate Technologies (Cedar Gate) is a leading value-based care performance management company founded in 2014 by David B. Snow Jr., a nationally recognized Fortune 50 CEO, in partnership with GTCR, a leading Chicago based private equity firm. In 2018 Ascension Ventures, a strategic healthcare venture firm, became part of the ownership group.
Cedar Gate provides high-performance analytics and operating systems to providers, payers and self-insured employers to help them optimize the performance of risk-based contracts, networks and programs, and thereby make a successful transition from fee-for-service to value-based care.
Cedar Gate serves multiple clients and currently has $91 billion in medical spend and 3.2 million covered lives in its system. It is the leading provider of prospective bundled payment solutions with 20+ years of experience; it has processed more that 2.25 million distinct bundles.
To learn more, go to cedargate.com.
About Franciscan Health
The Franciscan Alliance healthcare ministry began in Lafayette, Indiana, in 1875. Today, Franciscan Alliance is one of the largest Catholic health care systems in the Midwest with 12 hospital campuses, approximately 20,000 employees and a number of nationally recognized Centers of Health Care Excellence. Hospitals include: Franciscan Health Crown Point; Franciscan Health Michigan City; Franciscan Health Crawfordsville; Franciscan Health Lafayette East; Franciscan Health Lafayette Central; Franciscan Health Indianapolis; Franciscan Health Rensselaer; Franciscan Health Mooresville; Franciscan Health Olympia Fields, Ill.; Franciscan Health Hammond; Franciscan Health Dyer; and Franciscan Health Munster.
Contact: Jack A. Smith
Cedar Gate Technologies
SOURCE Cedar Gate Technologies