Iora Health brings Value-Based Care Expertise
SelectQuote, Inc. announced today that it is partnering with leading primary care provider Iora Health to integrate value-based care into its offering. This represents SelectQuote’s first venture into value-based care, which has emerged as an alternative to the traditional fee-for-service model, and will be an ongoing priority for the company. This partnership helps to solidify SelectQuote’s role as a consumer advocate that puts healthier patient outcomes at the forefront of its mission.
Value-based care is accomplished through a payment model that rewards healthcare providers based on the quality of care given rather than the quantity of consultations, procedures or tests performed. This model takes a preventative approach to treatment by caring for patients when they are healthy and sick, which in general has shown to be indicative of improved mortality and morbidity rates.
"We believe value-based programs are the future of healthcare services because they provide better care at a lower cost to the consumer, and we will continue to make establishing these expert partnerships a priority," said Tim Danker, CEO of SelectQuote. "The value-based model educates and empowers patients to maximize the services and benefits available to them, leading to more successful health outcomes and long-term satisfaction with their healthcare team. Insurance carriers also benefit because a healthier customer base drives retention and can lead to sustained organic growth."
A pioneer in providing consumers with unbiased price comparisons from some of the most trusted insurance carriers, SelectQuote also helps consumers demystify the various parts of Medicare coverage and provides access to supplemental and replacement plans. These services have resonated in the marketplace, as consumers navigate the complex insurance landscape. A team of highly skilled advisors is available to guide them through this process and ultimately help them find the right coverage for their personal situation.
The value-based care approach aligns with the Centers for Medicare & Medicaid Services (CMS) strategy to reform how health care is delivered and paid for.
"Iora Health is at the forefront of the value-based approach," said Bob Grant, President of SelectQuote Senior. "The traditional fee-for-service model has been upended and replaced with a system that prioritizes patients’ well-being above all else and empowers them to take control of their health. This first partnership is illustrative of our role as a consumer advocate, educator and facilitator in the healthcare community."
Iora Health is headquartered in Boston and has a multi-regional presence serving thousands of older adults on Medicare under the Iora Primary Care brand. The company delivers high impact, relationship-based care delivered by robust teams who provide comprehensive, personalized care for each patient. This care results in better quality outcomes and higher satisfaction rates while decreasing healthcare spend.
"We are thrilled to be working with SelectQuote as they engage customers around their health and wellness from the start of the relationship," said Kate Marcot, VP of Growth of Iora Health. "Creating a dialogue is essential to educating patients about their choices. We are honored to work with SelectQuote as a trusted partner and put their customers’ most precious asset, their health, in our capable hands."
Founded in 1985, SelectQuote (NYSE: SLQT) provides solutions that help consumers protect their most valuable assets: their families, health and property. The company pioneered the model of providing unbiased comparisons from multiple, highly-rated insurance companies allowing consumers to choose the policy and terms that best meet their unique needs. Two foundational pillars underpin SelectQuote’s success: a force of more than 1,000 highly-trained and skilled agents who provide a consultative needs analysis for every consumer, and proprietary technology that sources and routes high-quality leads. The company has three core business lines: SelectQuote Senior, SelectQuote Life and SelectQuote Auto and Home. SelectQuote Senior, the largest and fastest-growing business, serves the needs of a demographic that sees 10,000 people turn 65 each day with a range of Medicare Advantage and Medicare Supplement plans from 15 leading, nationally-recognized carriers, as well as prescription drug plan, dental, vision and hearing plans.
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