MIAMI, June 14, 2017 /PRNewswire/ -- Healthcare industry veteran Joe Caruncho is diving back into the field he knows best, announcing the launch of Genuine Health Group, an analytics-based healthcare company focused on helping doctors successfully transition to value-based payment models. Caruncho gained recognition as co-founder and CEO of Preferred Care Partners, a Medicare Advantage plan he helped grow to 55,000 members and more than $750 million in annual revenues. United Healthcare acquired Preferred Care Partners in 2012.
His new venture, Genuine Health, hits the ground running, announcing today it agreed to purchase PremierMD Accountable Care Organization ("ACO"). The ACO operates under a contract with the Centers for Medicare and Medicaid Services ("CMS") as part of CMS' Medicare Shared Savings Program.
Under Caruncho's lead, Genuine Health will greatly expand beyond PremierMD's current 70 physicians. His plans call for recruiting up to 1,000 primary care doctors from Miami-Dade, Broward, and nationally. In addition, the ACO will transition to an "Advanced Payment Model," whereby the company assumes financial risk for the cost of caring for Medicare patients who are part of the ACO. Member physicians qualify for a five percent bonus from Medicare and are exempt from cumbersome new reporting requirements called "MIPS."
"Genuine Health Group is launching at a vital time for both physicians and patients," says Caruncho. "Physicians face the most fundamental change in the healthcare industry in over 30 years. The industry is moving aggressively from the traditional fee-for-service system toward a fee-for-value system, rewarding physicians for keeping patients healthy. The acquisition of PremierMD ACO puts us in a leadership position to provide better care, at a lower cost, and help doctors earn real incentives for keeping patients healthy."
Caruncho and his leadership team bring a wealth of industry knowledge garnered over three decades. In addition to Caruncho, the Genuine Health team includes co-founder Dr. Orlando Lopez-Fernandez, Jr., who was the co-founder of Preferred Care Partners and served as its Chief Medical Officer.
For more information on Genuine Health Group, or to schedule an interview with Joe Caruncho, please contact Meieli Sawyer at 305-668-0070 or firstname.lastname@example.org.
About Genuine Health Group
Genuine Health Group is an analytics-driven healthcare company that assists physicians and health plans in successfully transitioning to value-based payment models.
Media Contact: Meieli Sawyer
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SOURCE Genuine Health Group