Company expects to distribute more than $100 million in advanced payments to relieve financial burden from decreased patient volumes
WHITE PLAINS, N.Y. — May 11, 2020 –
InnovaCare Health, a national leader in integrated and value-based healthcare services, shared details today on the company’s unprecedented steps to financially support contracted providers during the COVID-19 pandemic, ensuring patients can continue to access needed healthcare services.
The company announced it is fully compensating primary care physicians for April and May. Through its subsidiary, MSO of Puerto Rico, InnovaCare will also compensate specialists, dentists, hospitals and hospitalists to ease the financial stress from reduced patient volumes. Hospitals are receiving payments based upon average monthly billings while hospitalists are receiving full payment based on their contractual agreements.
InnovaCare expects to disburse more than $100 million in advanced payments to providers by the end of May.
“We are committed to financially supporting our providers during the COVID-19 pandemic so they can focus on what matters most right now – providing timely healthcare services to their communities.” said Dr. Richard Shinto, President and CEO of InnovaCare Health, whose Medicare Advantage and Medicaid plans cover more than 500,000 lives across Puerto Rico and Florida. “Our risk and value-based models of care allows us to build meaningful relationships with care providers, and we are working with them in a number of ways to ensure our members continue receiving high-quality care. These unprecedented times require unprecedented action. We believe this is the right thing to do. We are grateful to be in a position to be able to support the people on the frontlines of this pandemic.”
InnovaCare has implemented expedited claims processing, ensuring claims are processed within five days or sooner, allowing providers to be reimbursed as quickly as possible for the care they’re providing.
These steps are the latest in a series of initiatives the company has taken to better protect communities, patients and providers during these challenging times. At the onset of this pandemic, InnovaCare’s plans were first in their markets to announce they would cover patients’ healthcare usage related to COVID-19, ultimately waiving copays and deductibles during this time.
About InnovaCare Health
InnovaCare Health improves the lives of members and physicians through innovative solutions for value-based healthcare. In each unique market the company serves, InnovaCare works across the healthcare ecosystem – with patients, providers, payers and other partners – to increase access to high-quality, affordable care.
Based in White Plains, N.Y., InnovaCare has been on the forefront of value-based care for more than a decade, distributing risk and developing proprietary technologies to inspire patient and provider engagement. Through an integrated portfolio of health plans, medical service organizations, clinical networks and more, the company manages more than 500,000 lives, including more than 150,000 dual-eligible beneficiaries. InnovaCare’s Medicare Advantage plans have received NCQA accreditation and 4.5-star quality ratings from the Centers for Medicare and Medicaid Services (CMS).