The commercially traded healthcare provider has expanded its footprint to over 1,000 practice locations in the U.S.
April 2024 – The Journal of Healthcare Contracting
Privia Health’s first practice went live more than 10 years ago in August 2013 with Internal Medicine Associates of Reston in Reston, Va., and it began trading on the Nasdaq Global Select Market in May 2021. Today, the network and tech-enabled commercial healthcare provider (CHP) has over 4,100 providers and 1,000 practice locations in its purview serving over 4.7 million patients. Its stated mission is to transform the healthcare industry by empowering physicians, enhancing the patient experience and driving better outcomes by partnering with independent providers to help navigate the transition to value-based care.
Privia Health’s five core services
Privia Health strives for better outcomes in value-based care through its five core services, including:
- Technology and population health.
- Management services organization.
- Single-TIN medical group.
- Accountable care organizations.
- Network for payers and purchasers.
Technology and population health: Privia Health’s tools are designed to enhance independent providers’ workflow. It aims to optimize practices’ web presence so patients can easily find a provider online and receive appointment reminders to fortify patient retention and avoid no-shows. It embeds insights directly into its EHR so providers can assess both patients’ health and practice performance. Its technology sends risk adjustment factor and care-gap reminders to improve workflows and the patient experience. Finally, it supports treatment with patient education tools, transitional and chronic care management, and care plans.
Management services organization (MSO): Privia Health’s MSO aims to leverage its scale to reduce administrative work, increase efficiency and lower direct costs for providers through revenue cycle management, performance management, analytics and reporting, clinical IT, IT support and marketing.
Single-TIN medical group: Privia Health’s medical group allows providers to adapt to serve their patients’ and region’s unique needs and harness the single tax entity for negotiating power, clinical integration and alignment of financial incentives. Providers in Privia Health’s medical group collaborate in physician-organized delivery meetings to review analytics, share best practices, create accountability and advance evidence-based medicine while maintaining their autonomy. Providers can reduce expenses by using Privia Health’s ancillary services and access group purchasing discounts.
Accountable care organizations (ACO): Privia Health’s proprietary, cloud-based technology platform aims to identify quality gaps, send patient satisfaction surveys, automate patient outreach and education, and generate reports and alerts to improve care coordination. It collects data from payers, providers and patients to advance population health and streamline physicians’ workflows.
Network for payers and purchasers: Privia Health’s networks helps providers connect with new patient populations, create custom contracts for better value and integrate with the community. Its contracting services look to leverage data and physician input to help providers grow their patient base and influence care. It works with health systems to increase alignment of employed and independent physicians to optimize resource utilization through its clinically aligned model.
Privia Health expands market footprint, signs partnership agreements with AI-based tech enablers
Today, Privia Health serves 15 markets across the U.S. and launched an OB-GYN initiative in Texas in December 2023 called Privia Wellness that utilizes tech-enabled women’s health company Iron Health to support Privia Medical Group Gulf Coast’s OB-GYN providers’ weight management offerings.
It also announced an agreement in November 2023 with Calm Waters AI, a fully autonomous AI Evaluation & Management (E/M) coding application for providers. Provider groups affiliated with Privia Health can implement and use Calm Waters AI at a discounted subscription rate as the software solution is designed to eliminate clinician stress associated with E/M coding through speed, compliance and standardization. That followed an agreement in September 2023 with Navina, an AI-powered primary care platform that aims to transform complex, fragmented patient data into actionable insights at the point of care.
And after appointing former President and COO Parth Mehrota as CEO in June 2023, Privia Health entered a partnership with Velocity in July 2023 to embed clinical research into practice sites. It builds on Velocity’s embedded site model strategy and expands access to clinical trials for Privia Health patients and providers. With the first site opening in Abilene, Texas, the partnership is intended to establish integrated research sites within existing Privia Care Center locations that do not currently conduct clinical trials. Velocity will staff and operate the joint research sites.