New Health Plan Shows Commitment to Healthcare Quality
Health Catalyst would like to congratulate Intermountain Healthcare on its new, innovative health plan, SelectHealth Share. Health Catalyst continues to marvel at Intermountain’s commitment to improving care quality and reducing costs—and continuously passing savings on to its customers. We are so impressed with Intermountain and its new health plan that we wanted to recognize and share the achievement.
Improving Healthcare Quality and Passing on the Savings
Health systems are responding to the industry-wide transition to value-based models by becoming insurers. According to Becker’s Hospital Review, “Approximately 50 percent of health systems in the U.S. have applied or intend to apply for an insurance license.” Intermountain Healthcare started its health plan division—SelectHealth—30 years ago. Intermountain is a Utah-based, not-for-profit of 22 hospitals, 185 clinics, a medical group, and 1,400 employed physicians.
Intermountain deserves recognition for passing savings onto its customers through SelectHealth Share, which enters uncharted territory by locking in yearly rate increases at approximately 4 percent. If any health system can simultaneously guarantee fixed rate increases and deliver high-quality care (and overcome the financial risks associated with fixed rate increases), it’s Intermountain.
Intermountain’s dedication to reducing unnecessary expenses is evidenced by one of its many cost saving achievements: Intermountain saved $639,000 a year by helping heart attack patients recover faster by getting them to the catheterization lab within 90 minutes of emergency room contact. According to Cath Lab Digest, “consistently achieving the national standard of ≤ 90 minutes is an ongoing quality goal.”
What makes Intermountain unique is that it passes savings ($500 million projected in 2016; $2 billion over the next five years) on to customers in the form of lower rates. In an industry that needs to be more financially responsible, Intermountain is leading the way by getting everyone involved:
- Unaffiliated providers who care for patients under the SelectHealth share plan have to agree to use an EMR and share outcomes data.
- Employers have to agree to offer affordable coverage by paying for at least 70 percent of average premiums.
- Employees have to agree to more proactively manage their own health by participating in health screenings and using online tools.
Health Catalyst congratulates Intermountain Healthcare and its hard-working teams. Intermountain’s SelectHealth Share plan is a bold, innovative move to save consumers money and make coverage a predictable expense. Read more about Intermountain’s SelectHealth Share plan in The New York Times article, “A Novel Plan for Health Care: Cutting Costs, Not Raising Them.”