Blue Cross Blue Shield of Michigan Launches Joint Venture with Honest Medical Group to Assist Doctors in Delivering High-Quality, Cost-Effective Patient Care for Medicare Patients
DETROIT, April 25, 2022 – Blue Cross Blue Shield of Michigan (BCBSM) today announced a joint venture with Nashville-based Honest Medical Group to offer physicians comprehensive operational, clinical, and financial support for shared accountability Medicare contracts. The joint venture is the first of its kind for BCBSM and aligns with the organization’s continued expansion of Blueprint for Affordability, its member-focused, value-based care and payment models.
Physician organizations can choose to work with Honest Medical Group for support in making administrative and operational changes needed to be successful in full financial-accountability Traditional Medicare and Medicare Advantage agreements with payers. When providers choose to enter these agreements, they often need significant resources to add or upgrade electronic medical record systems, billing systems, virtual care and other practice capabilities. Honest can provide financial and human resources to assist practices in this transformation.
“Our Medicare Advantage population typically has more chronic conditions or multiple health issues that require a higher level of coordination and management. So, we’re advancing our value-based models to help members receive appropriate, high-quality, personalized health care that is more affordable. And we’re making partnership decisions like this one with Honest to best support the physicians who care for our members,” said Daniel J. Loepp, president and CEO, Blue Cross Blue Shield of Michigan.
Honest Medical Group was created specifically to improve the care experience and reduce costs for people with Medicare. The new partnership will transform the way care is delivered for a physician’s whole Medicare patient panel, permitting physicians to use Honest Medical Group for its Traditional Medicare and Medicare Advantage members in any health plan. The partnership enables physicians to be successful as Blue Cross and other private and government health plans accelerate the transition to more comprehensive value-based payment models that add a deeper level of shared financial accountability among physician practices.
“This is just the beginning of a long-term partnership that we know will serve as a new model for health care companies and health plans across the country. The excitement around Honest and BCBSM stems from our belief that we can revolutionize care for people who need it most,” said Adam Boehler, executive chairman and co-founder of Honest Medical Group. “We have confidence under the leadership of Dr. Aric Coffman and team that we will be successful.”
As the largest health insurer in the state, Blue Cross is leading transformative change in developing and facilitating value-based care arrangements in Michigan while ensuring physicians can be successful in these arrangements. This partnership builds upon the growing spectrum of value-focused initiatives that are part of Blueprint for Affordability, a collection of value-based payment models with varying levels of physician financial accountability.
For more information, go to bcbsm.com
About Blue Cross Blue Shield of Michigan
Blue Cross Blue Shield of Michigan, a nonprofit mutual insurance company, is an independent licensee of the Blue Cross and Blue Shield Association. BCBSM provides health benefits to more than 4.7 million members residing in Michigan in addition to employees of Michigan-headquartered companies residing outside the state. The company has been committed to delivering affordable health care products through a broad variety of plans for businesses, individuals and seniors for more than 80 years. Beyond health care coverage, BCBSM supports impactful community initiatives and provides leadership in improving health care. For more information, visit bcbsm.com and MiBluesPerspectives.com.
About Honest Medical Group
Honest Medical Group is a Nashville-based, privately-owned company that partners with physicians to improve their patients’ care experience and to reduce costs for people with Medicare. Honest provides financial backing, real-time insights, care management teams and administrative staff so physicians can put their patients first. Honest was founded by health care innovators Adam Boehler, founder and CEO of healthcare investment firm Rubicon Founders; Abe Sutton; and Matt Kim. For more information, visit HonestMedicalGroup.com.