Humana & Oak Street Health Improve Through Accountable Care
CHICAGO — July 22, 2015 — Oak Street Health, a Chicago-based health provider, and Humana Inc. (NYSE: HUM), a leading health and well-being company, have recently forged a new value-based agreement, effective June 1, 2015. The agreement aims to bring higher quality and more coordinated care to Medicare Advantage members in the greater Chicago area.
Through this new agreement, Humana and Oak Street Health will work hand-in-hand to enhance the organization’s value-based delivery system, drive integrated care, lower costs and continue to ensure a world-class patient experience.
Established in 2013, Oak Street Health entered the Illinois market with primary care centers in the Edgewater and Portage Park neighborhoods in Chicago with a focus on providing care for Medicare Advantage patients. Today, the health system has expanded to include nine centers in Illinois and by the end of 2015, it will open six more centers throughout the Midwest.
“Oak Street Health is thrilled to partner with Humana to provide improved care, benefits, and well-being to adults on Medicare in Illinois,” said Mike Pykosz, CEO and Co-Founder of Oak Street Health. We are committed to excellent care for seniors, that match their specific needs and our partnership with Humana enables us to achieve this goal.”
Oak Street Health’s innovative health care delivery model is centered around keeping patients healthy by delivering excellent primary care, supported by robust population health and holistic services. Oak Street Health centers offer members access to educational sessions, activities and events designed to promote overall wellness. The company has received a 90 percent patient approval rating.
Humana’s pay-for-value programs promote evidence-based, high-quality care with a focus on physician support for successful population health management. Humana’s newest accountable care relationship is designed to serve the needs of Humana Medicare Advantage members based in the greater Chicago area. The arrangement offers more personalized care and a broad range of population health tools like our predictive analytics, chronic care, disease management and wellness programs.
“Having only been open for a couple years, Oak Street Health is already a leading provider in the Illinois market,” said Charles Dow, President of Senior Products for Humana in the Great Lakes region. “Oak Street Health combines a progressive approach with a proven value-based delivery model. It’s no surprise this organization continues to expand and we’re proud to partner with them to keep people healthy for a lifetime.”
Under the new agreement, Humana and Oak Street Health will provide actionable patient data, providing physicians with a total patient population health picture. The value-based incentive arrangement emphasizes quality outcomes and leverages standard measures defined by the National Committee for Quality Assurance (NCQA) Healthcare Effectiveness Data and Information Set (HEDIS), including breast cancer screening, colorectal screening, comprehensive diabetes care, and high-risk medications.
Humana has nearly 30 years of accountable care experience, reflected in results from approximately one million Medicare Advantage members that showed significant improvements in quality, outcomes and costs in 2013.
Today, Humana has approximately 1.5 million individual Medicare Advantage and 230,000 commercial members, cared for by approximately 45,500 primary care physicians in more than 900 accountable care relationships across 43 states and Puerto Rico. For more information, visit humana.com/accountable-care.
About Oak Street Health
Oak Street Health is a network of primary-care centers for people on Medicare with an innovative model of care focused on keeping our patients healthy and out of the hospital. We build relationships between our patients and their doctors and care teams, and we invest in giving our patients better access to care. Our patients enjoy the benefits of personal managed care, transportation, and daily programming in our community rooms. Oak Street Health has nine locations in Illinois, expanding to fifteen in Illinois and Indiana by end of Summer 2015.
Humana Inc., headquartered in Louisville, Kentucky, is a leading health and well-being company focused on making it easy for people to achieve their best health with clinical excellence through coordinated care. The company’s strategy integrates care delivery, the member experience, and clinical and consumer insights to encourage engagement, behavior change, proactive clinical outreach and wellness for the millions of people we serve across the country.
More information regarding Humana is available to investors via the Investor Relations page of the company’s web site at www.humana.com, including copies of:
- Annual reports to stockholders;
- Securities and Exchange Commission filings;
- Most recent investor conference presentations;
- Quarterly earnings news releases;
- Replays of most recent earnings release conference calls;
- Calendar of events; and
- Corporate Governance information.