NEW YORK, Feb. 22, 2021 /PRNewswire/ -- Centivo, a new type of virtual Accountable Care Organization (ACO) health plan that's built to save 15% or more compared to traditional insurance carriers, announced today that it has entered the Connecticut market in partnership with five health systems: Connecticut Children's, Griffin Health, Middlesex Health, Nuvance Health, and Southern New England Healthcare Organization (SOHO HEALTH)/Trinity Health Of New England. With these additions, Centivo strengthens its presence in the Northeast and builds upon its provider relationships in New York and New Jersey.
"Rising healthcare costs put a significant burden on both businesses and their employees. Our high-value networks comprised of leading healthcare providers, like those in Connecticut, enable us to offer health plan solutions with more affordable costs and access to quality care," said Centivo CEO Ashok Subramanian.
In Connecticut, there is a great disparity in costs for the same procedures from hospital to hospital. Data from a recent report by RAND Corporation showed that, for example, costs for a laparoscopic outpatient hernia repair in the Hartford market vary by up to 34%. Higher costs, however, are not always correlated to higher quality. RAND used CMS star ratings and Leapfrog Hospital Safety Grades to categorize hospitals according to quality and found that more than 1/3 of hospitals in the low-cost tier had high quality ratings.
Centivo has built a network in Connecticut, as well as other markets, around the highest-value providers. Centivo's health plan solution is designed to help self-funded employers offer a turn-key benefits program to employees and their families. By developing a network of leading local healthcare providers and using its proprietary data analytics to help navigate members to the right providers, Centivo delivers cost savings to employers, more affordable plans with a focus on primary care, as well as expanded access and fully integrated virtual care.
"Coming out of COVID-19, employers have fewer discretionary dollars to spend and are looking for value-based healthcare solutions that are accountable. Tighter networks, advanced primary care, and providers taking on risk – things that Centivo is facilitating – have to be a part of that," said Jeffrey Hogan, Northeast Regional Manager, Rogers Benefit Group. "I'm thrilled to now be able to offer that broadly in Connecticut."
With the addition of Connecticut, Centivo now has health plan solutions in eight states, including California, Florida, Michigan, Nebraska, New York, New Jersey and North Carolina, to give members access to top health systems and independent provider practices.
Centivo is a virtual Accountable Care Organization (ACO) health plan that enables self-funded employers to offer lower cost, high quality healthcare to the millions of insured Americans who struggle to pay their healthcare bills. With Centivo, employers can offer their employees affordable and predictable costs, a high-tech member experience, exceptional service, and a range of benefit options including both proprietary ACO models as well as traditional networks. The result is incentive alignment among employers, employees and healthcare providers that delivers savings of 15% or more compared to traditional insurance carriers. For more information, visit centivo.com or follow us @Centivo on LinkedIn or @CentivoHealth on Twitter.