SelectQuote Inc. is partnering with Boston-based Iora Health in order to add value-based care to its health insurance offering.
Value-based care is an alternative service model. It’s a payment structure that rewards health care companies for the quality of care they provide, rather than the quantity of consultations, procedures and tests performed. It includes a more preventative approach, encouraging doctors to catch issues earlier and improve mortality and morbidity rates.
SelectQuote, an Overland Park-based technology-enabled insurance brokerage (NYSE: SLQT), plans to make value-based care a priority for the company.
“We believe value-based programs are the future of health care 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,” SelectQuote CEO Tim Danker said in a Tuesday release. “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 health care team. Insurance carriers also benefit because a healthier customer base drives retention and can lead to sustained organic growth.”
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Iora Health serves thousands of older adults on Medicare under the Iora Primary Care brand. According to the release, the primary care provider network delivers high impact, comprehensive, personalized care for each patient. This care results in better quality outcomes and higher satisfaction rates while decreasing overall health care costs.
“We are thrilled to be working with SelectQuote as they engage customers around their health and wellness from the start of the relationship,” Kate Marcot, vice president of growth for Iora Health, said in the release. “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.”
SelectQuote, which went public in May with the nation’s first virtual IPO, previously announced plans to add 1,000 new sales and support associate positions this year. The company already ranks No. 20 on the Kansas City Business Journal’s Top Public Companies List, with $337.47 million in 2019 revenue.
SelectQuote has three core business lines: SelectQuote Senior, SelectQuote Life and SelectQuote Auto and Home. SelectQuote Senior is the company’s largest and fastest-growing business. It provides 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. There are 10,000 people turning age 65 every day in the United States.
Source: Biz Journals