CHICAGO, Aug. 8, 2016 (GLOBE NEWSWIRE) -- Valence Health, a leading provider of clinical integration, population health, and value-based care solutions and services, today announced its partnership with Memorial Hermann to help administer and support the system's soon to be acquired Medicaid health plan.
Late last month, Memorial Hermann Health System announced that it had entered into a definitive agreement to buy an existing Medicaid plan from Molina Healthcare. The acquisition is expected to close during the second quarter of 2017 subject to the receipt of regulatory approvals and the satisfaction of other closing conditions.
Located in Houston, Texas, Memorial Hermann is a nationally- recognized integrated care delivery system. Memorial Hermann has been at the forefront of the industry transformation towards value-based care. Its Accountable Care Organization was the country's No. 1 Medicare Shared Savings Program (MSSP) in the country for the last two years, saving nearly $111 million combined. The organization has also operated commercial and Medicare Advantage health plans for several years.
"Memorial Hermann is committed to providing access to high-quality healthcare in the communities it serves across southeast Texas and Greater Houston," said Dennis Laraway, Executive Vice-President and Chief Financial Officer for Memorial Hermann. "Our development of the Memorial Hermann Health Plan and its insurance product offerings align with Memorial Hermann's network of hospitals, physicians and more than 250 care delivery sites. The acquisition of Medicaid STAR and CHIP products in the Harris Service Delivery Area from Molina Healthcare of Texas is further evidence of our commitment to expand access to high-quality and affordable healthcare services. We are excited about the partnership with Valence Health, as they will bring an expertise in Medicaid Managed Care and third-party administration to support our expanded insurance offerings. Valence has demonstrated success in supporting Medicaid health plans in other areas of Texas. So, we're confident that they can successfully support our program."
"We're thrilled to expand our working relationship with Memorial Hermann and welcome them as the 19th provider-aligned health plan and full risk entity we support," said Valence Health CEO R. Andrew "Andy" Eckert. "Our clients' provider-sponsored Medicaid health plans serve more than 1.5 million members. Combining our experience and insights from serving those clients, together with Memorial Hermann's outstanding clinical capabilities, creates a great win for Medicaid members in Houston."
About Memorial Hermann
An integrated health system, Memorial Hermann is known for world-class clinical expertise, patient-centered care, leading edge technology, and innovation. The system, with its exceptional medical staff and approximately 25,000 employees, serves to advance health in Southeast Texas and the Greater Houston Community. Memorial Hermann's 16 hospitals include four hospitals in the Texas Medical Center: among those facilities is a full-service adult hospital; a children's hospital which houses neonatal intensive care services and a pediatric intensive care unit; the Memorial Red Duke Trauma Institute; and the nation's busiest Level 1 Trauma Center. The system also operates 12 community hospitals, three Heart & Vascular Institutes, the Mischer Neuroscience Institute, four IRONMAN Sports Medicine Institute locations and a comprehensive ambulatory care network.
About Memorial Hermann Health Plan
Memorial Hermann Health Plan, Inc. is a wholly-owned HMO subsidiary of Memorial Hermann. Through its affiliates, Memorial Hermann Health Solutions, Inc., Memorial Hermann Health Insurance Company, and Memorial Hermann Employer Solutions, the company offers a variety of HMO & PPO products to commercial and Medicare Advantage members as well as a broad range of third-party administrator (TPA) services and on-site wellness programs for numerous large employers.
About Valence Health
Valence Health provides value-based care solutions for hospitals, health systems and physicians to help them achieve clinical and financial rewards for more effectively managing patient populations. Leveraging 20 years of experience, Valence Health works with clients to design, build and manage customized value-based care models including clinically integrated networks, bundled payments, risk-based contracts, accountable care organizations and provider-sponsored health plans. Providers turn to Valence Health's integrated set of advisory services, population health technology and managed services to make the volume-to-value transition with a single partner in a practical and flexible way. Valence Health's more than 900 employees empower 85,000 physicians and 135 hospitals to advance the health of 20 million patients. For more information, visit valencehealth.com.