October 12, 2015
GREENWICH, CT and JACKSONVILLE, FL – Great Point Partners (“GPP”) today announced that GPP II portfolio company Citra Health Solutions (“Citra”) helped two of its managed Accountable Care Organizations (“ACOs”) achieve a total savings of $11.2 million in 2014. American Health Alliance and ACO Health Partners were part of only 27% of ACOs nationwide receiving 2014 bonuses from the Centers for Medicare & Medicaid Services (“CMS”).
Final reports from the CMS Shared Savings Program, which were made available on September 2, 2015, show ACO Health Partners’ savings as $6,476,300 and American Health Alliance with $4,756,401 in savings for the 2014 year. The Shared Savings Program allows physicians to share in up to 60% of the savings they generate, incentivizing providers to utilize population health management programs to deliver higher quality and lower cost care. In addition to these savings, both ACOS exceeded quality requirements by over 80% and showed significant improvement in patient satisfaction thresholds.
“These results prove that, with the necessary resources, ACOs are a great stepping stone to health care reform. Technology and infrastructure are critical in delivering superior support and clinical care to patients,” said Howard Buff, Citra’s Founder & Chief Executive Officer. Citra is known as a market leader in value-based care through signature care programs such as Chronic Care Management and Transitional Care Management.
“The transition to value-based reimbursement presents a unique set of challenges and opportunities for health care providers,” stated Adam B. Dolder, Managing Director at GPP. “Citra is an integral partner for providers in this transition enabling them to leverage Citra’s extensive value-based enablement capabilities. The shared savings we were able to help our clients achieve, combined with the significant outperformance on quality measures, validate Citra’s position as one of the preeminent providers of value-based care programs.”
About Great Point Partners
Great Point Partners (“GPP”), founded in 2003 and based in Greenwich, CT, is a leading health care investment firm with approximately $800 million of equity capital under management and 26 professionals, investing in the United States, Canada, and Western Europe. GPP is currently making new private equity investments from GPP II, which has closed on $215 million. Great Point manages capital in private (GPP I, $156 million, and GPP II) and public (BMVF, approximately $400 million) equity funds. Great Point Partners has provided growth equity, growth recapitalization, and management buyout financing to more than 100 health care companies. The private equity funds invest across all sectors of the health care industry with particular emphasis on biopharmaceutical infrastructure, devices and diagnostics, health care services, outsourcing, and information technology. The firm pursues a proactive and proprietary approach to sourcing investments and tuck-in acquisitions for its portfolio companies. Reach Great Point at 203-971-3300 or www.gppfunds.com.
About Citra Health Solutions
Citra Health Solutions is a leading health care services and technology firm that solves for the needs of providers, hospital systems and payers in the transition to value-based care. In this new era of payment and delivery, Citra empowers clients with proprietary technology, population health, analytics and care management services to strategically expand market opportunity, diversify revenue streams and reduce the cost of care. To learn more, visit www.citrahealth.com.