On April 25, Michigan Blue Shield Blue Cross (BCBSM) announced via a Press release a new joint venture with the Nashville-based company Honest Medical Group provide physicians with operational, clinical and financial support for shared liability health insurance contracts. This venture is the first of its kind for BCBSM and coincides with the organization’s Blueprint for Affordability, its member-driven, value-based care and payment models.
The release states that “physician organizations may choose to work with Honest Medical Group for assistance in implementing the administrative and operational changes necessary to succeed in the full financial accountability of traditional health insurance arrangements and Medicare Advantage with payers. When providers choose to enter into these agreements, they often require significant resources to add or upgrade electronic medical record systems, billing systems, virtual care, and other practice capabilities. Honest can provide financial and human resources to assist firms in this transformation.
Additionally, “Honest Medical Group was created specifically to improve the care experience and reduce costs for people on Medicare. The new partnership will transform the way care is delivered to a physician’s entire panel of Medicare patients, allowing physicians to use Honest Medical Group for its traditional Medicare members and the benefit of Medicare in any health plan. The partnership enables physicians to succeed as Blue Cross and other private and government health plans accelerate the transition to more comprehensive, value-based payment models that add a deeper level of shared financial responsibility among medical practices.
Adam Boehler, executive chairman and co-founder of Honest Medical Group, was quoted in the statement as saying that “this is just the beginning of a long-term partnership that we know will serve as a new model for health care companies and health plans across the country. The excitement about Honest and BCBSM stems from our belief that we can revolutionize care for those who need it most.
Blue Cross is Michigan’s largest health insurer and strives to lead change in the development and implementation of value-based care arrangements in the state. Additionally, the organization focuses on the success of physicians in these arrangements.