CMS announced results for the Medicare Shared Savings Program and we are happy to share with our members that both CCACO and SOMOS ACO have generated Shared Savings!
2020 has been a hectic year of learning and adjustment for most of us thus far - battling against COVID-19, learning the intricacies of working from home and Telehealth, or even just staying fit while stuck indoors! For CCACO, it has definitely been an uphill climb to maintain the success of our campaign to improve quality and Shared Savings. Today marks the end of our 2019 journey, and we are proud to share the achievements of our members!
CCACO 2019 Shared Savings Results
Savings : $15,471,608
Savings Rate % : 15.75%
Shared Savings : $7,203,967
Pro-Rated Shared Savings (Jan 01 - June 30) : $3,601,983.84
CCACO's 2019 results continues our trend of improvement shown in 2018. In 2018, we saved CMS $12,171,874 at a Savings Rate of 13.24%. This is an improvement of $3,299,734 and 2.51%!
CCACO is ranked #1 in NYS for January - June of 2019 for Shared Savings Rate! We expect to remain one of the top ACOs nationwide.
Starting from July 1st of 2019, CCACO officially formed an alliance with our friends at Balance ACO to establish a new entity named SOMOS ACO. Through working and learning from each other, we were able to bring out the best from both organizations and are proud to announce a successful pilot year for SOMOS ACO!
SOMOS ACO 2019 Shared Savings Results
Savings : $12,647,909
Savings Rate % : 7.07%
Shared Savings: $6,323,955
Pro-Rated Shared Savings (July 1 - Dec 31) : $3,161,977.37
The first year of any program is always the most challenging, as we are exploring something new and unknown. However, the results speak for themselves and we already have an even brighter outlook for 2020!
None of this could have been achieved without the hard work of all of our physician members and their staff. We hope this encourages all providers to join CCACO/SOMOS ACO and become a member of our family! Thank you for your continuous contribution and support of CCACO.
Please remain safe and healthy,
Chinese Community Accountable Care Organization.