A group of physicians in Palm Beach and Broward counties working under a new Medicare pay-for-performance program qualified for a $4.2 million bonus from the government this year for reducing costs while meeting healthcare quality benchmarks during their first year in the program.
Accountable Care Options, the physician’s group, is participating in the Medicare Share Savings Program, which encourages hospitals and doctors to hit certain healthcare standards designed to lower costs in the long run by reducing medical complications and trips to the emergency room.
By focusing on wellness and prevention, and managing individuals with chronic conditions, Accountable Care Options saved more than $8 million for Medicare, the federal health plan for the elderly, according to the company.
Under the terms of the pay-for-performance program, the physician’s group was entitled to share in half of those savings.
Physicians affiliated with the company, a type of group known as an Accountable Care Organization under the pay-for-performance program, care for 6,800 Medicare beneficiaries in Palm Beach and Broward counties.