Humana Signs Agreement with Banner Health Network
PHOENIX –– Jan. 9, 2013 –– Banner Health Network and Humana Inc. (NYSE: HUM) announced an agreement to provide enhanced care coordination for Humana’s Medicare members with the goal of improving health outcomes and lowering medical costs.
Humana, one of the nation's largest health care companies, sent out this release Wednesday:
The new agreement, effective Jan. 1, 2013, allows Humana and Banner Health Network to work together on a collaborative, accountable care arrangement that will establish incentives to increase quality and efficiency, drive greater patient care coordination, eliminate waste, and reduce the overuse and misuse of care.
The agreement aligns incentives to reward Banner Health Network for improved quality and efficiency outcomes for Humana Medicare Advantage members being managed by the network. Members needing assistance managing chronic conditions, such as diabetes or heart disease, could see immediate benefit.
Humana’s Medicare Advantage Preferred Provider Organization (PPO), Health Maintenance Organization (HMO), Point of Service (POS), and Private Fee for Service (PFFS) members in Arizona will receive expanded access to Banner Health Network’s 2,600 Banner Health-affiliated physicians, 13 Phoenix-area Banner Health hospitals, and a variety of other clinical services and facilities.
Humana has had extensive experience with successful agreements aimed at improving health care delivery and reimbursement models for many years.
“Humana is committed to innovative local and national models that improve clinical outcomes, reduce costs and improve efficiencies,” said Michael Franks, Senior Products President for Humana’s Desert Pacific Region. “We are excited to work together with Banner Health Network to ensure our Arizona members’ medical needs are being addressed to help them maintain their health and well-being.”
“Banner Health Network’s proven ability to provide a highly coordinated patient care experience and Humana’s commitment to continuous improvement in quality and their focus on well-being makes this a perfect agreement,” said Chuck Lehn, CEO of Banner Health Network. “We are pleased that Humana’s Medicare beneficiaries will benefit from this new agreement.”
ABOUT BANNER HEALTH NETWORK
Banner Health Network (BHN) was designed to provide a highly coordinated patient care experience for beneficiaries of government and private sector insurance plans. BHN is comprised of 2,600 Banner Health-affiliated physicians, 13 Phoenix-area Banner Health hospitals and a variety of other clinical services and facilities. With a population health management focus, and a sophisticated health information technology as support, Banner Health Network seeks to provide high quality care at an affordable price. Parent company, Banner Health, is one of the largest nonprofit health systems in the country, with operations in seven states.
Humana Inc., headquartered in Louisville, Ky., is a leading health-care company that offers a wide range of insurance products and health and wellness services that incorporate an integrated approach to lifelong well-being. By leveraging the strengths of its core businesses, Humana believes it can better explore opportunities for existing and emerging adjacencies in health care that can further enhance wellness opportunities for the millions of people across the nation with whom the company has relationships.
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 (including upcoming earnings conference call dates and times, as well as planned interaction with research analysts and institutional investors)
• Corporate Governance information