Cary, NC. April 02, 2024 – Cary Medical Management (CMM), a North Carolina-based physician management services organization (MSO), announced today that one of its clinically integrated networks (CINs) reported CMM’s clinics had a total medical cost improvement of 32% over the previous 12 months for patients across three national commercial insurance payers. Another CIN projected CMM’s clinics will receive more than triple its previous shared savings from its regional commercial payer. Additionally, the company was recently recognized as a 2024 Healthcare Innovation #1 Innovator Award winner.
Since 2019, CMM has prepared its network of independent primary care practices to thrive in value-based care by deploying innovative technology solutions and comprehensive care. 31,000 patients across its eight clinics are under one of the company’s seven value-based care contracts. Prior to COVID-19, CMM’s clinics achieved savings of an average of $1,636 annually below the regional benchmark per Medicare patient.
The company attributes this most recent cost improvement in part to its strategic use of data from the North Carolina state-designated health information exchange (HIE), NC HealthConnex, managed by the N.C. Health Information Exchange Authority (NC HIEA). In 2015, North Carolina became the first state to mandate that all healthcare providers receiving state funds for the provision of healthcare services connect to its HIE.
CMM utilizes hospital discharge data from NC HealthConnex to help its network of practices reduce the hospital readmission rate of engaged Medicare patients to 8.3% over 12 months, compared to the reported national average of 17%. It also uses a patent-pending algorithm to identify interacting chronic conditions and suggested corresponding ICD10 codes based on combined electronic health record (EHR) and NC HealthConnex data. In a study of 975 patients in one of the CMM clinics, 88 (9%) were found to have previously diagnosed pulmonary disease and 45 (4.6%) had COPD diagnoses not captured in the clinic’s EHR. Knowledge of such high-risk medical conditions during the point-of-care allowed primary care providers to treat patients more effectively.
CMM benefited from participation in Key Physicians, an independent physician association (IPA) serving the Research Triangle Park of North Carolina, which spearheaded the transformation to value-based care in 2010. Key Physicians’ leadership identified value-based care focus areas that ultimately led to the development of CMM’s impactful technology solutions.
“One of Key Physicians’ longstanding goals is to assist our 360+ independent providers in their transition to the new era of value-based care with innovative ideas like high-value specialist referral networks, and free agency to participate in the value-based contracts that work best for each of their unique practices,” said Jonathan Fowler, Executive Director of Key Physicians. “CMM’s significant reduction of total medical costs for their practices demonstrates the value of our collaboration with independent clinics.”
“The heart of our success lies in the embrace of innovation and the integration of rich data from NC HealthConnex,” said Siu Tong, Ph.D., CCM’s chief executive officer. “I look forward to continuing our journey of redefining the future of healthcare through innovation.”
About Cary Medical Management
Established in 2019, Cary Medical Management (CMM) provides high-value physician management services and proprietary technology designed to transform the way primary care does business. Our mission has always been to infuse independent primary care practices with innovative technology, enabling them to deliver optimal care at profitability while ensuring the highest possible savings – the key to success in value-based care. To learn more about how our practices achieve better quality outcomes at a lower cost, please visit www.carymso.com.
Press Contact:
Molly Thompson, mthompson@turnbridgemarketing.com
Company Contact:
Siu Tong, Chief Executive Officer, siu.tong@carymso.com