OSF HealthCare again named an ACO to Know
OSF HealthCare has again been named to the Becker’s Hospital Review 44 ACOs to Know list, the only Accountable Care Organization from the state of Illinois named.
As part of the work to ensure the best possible health outcomes for patients while also reducing health care costs, OSF HealthCare has been an Accountable Care Organization (ACO) under the Centers for Medicare & Medicaid Services (CMS) since 2012.
An ACO is a group of doctors, hospitals and other health care providers who come together to provide coordinated care to their patients. This ensures that patients, especially the chronically ill, get the right care at the right time while avoiding unnecessary duplication of services and preventing medical errors.
When an ACO succeeds in delivering high-quality, evidence-based care that leads to improved health outcomes at a lower cost, the ACO shares in the savings it achieves for the Medicare program. In calendar year 2023, OSF HealthCare saved taxpayers nearly $40 million more than the benchmark set by CMS and, as a result, will receive a payback of $29.2 million, which will be reinvested into patient care.
“OSF HealthCare is proud of our continued excellent performance as an ACO,” said Ralph Velazquez, MD, chief medical officer for OSF HealthCare. “Our 2023 quality score continued to increase due to dedicated efforts across three key areas: depression screening, patient experience and diabetic A1C control. Additional focus in 2023 included continuation of care management for high-risk beneficiaries and leveraging technology to assist with an expansion of an integrated approach to social drivers of health.”
OSF was selected as one of the first Pioneer ACOs in 2011 because the work fits the philosophy and mission of OSF HealthCare for improved quality, care coordination and decreased cost for all patients served. Like other leading health care systems, OSF believes that focusing and performing well on quality measures will help to keep health care affordable by reducing or slowing the rise in costs.
OSF HealthCare is an integrated health system founded by The Sisters of the Third Order of St. Francis. Headquartered in Peoria, Illinois, OSF HealthCare has 16 hospitals – 10 acute care, five critical access, 1 transitional care - with 2,131 licensed beds throughout Illinois and Michigan. OSF employs nearly 24,000 Mission Partners across 150+ locations; has two colleges of nursing; operates OSF Home Care Services, an extensive network of home health and hospice services; owns Pointcore, Inc., comprised of health care-related businesses; OSF HealthCare Foundation, the philanthropic arm for the organization; and OSF Ventures, which provides investment capital for promising health care innovation startups. In 2020, OSF OnCall was established, a digital health operating unit, including a hospital-at-home. OSF OnCall delivers care and services when, where and how patients prefer to receive them. OSF HealthCare has been recognized by Fortune as one of the most innovative companies in the country. More at osfhealthcare.org/.