Cary Medical Management Looks Back on a Year of High Growth in 2021
NC-Based Tech-Infused Primary Care Roll-up Expanded to Five New Markets, Grew Revenue, Increased Shared Savings
CARY, N.C., March 3, 2022 /PRNewswire/ -- For Cary Medical Management (CMM), a leading management service organization (MSO) headquartered in North Carolina specialized in tech-enabled primary care roll-up, 2021 was a year of high growth and greater shared savings, profitability and network efficiency for the clinics in the CMM network. Specific achievements and gains include:
- Acquired new clinics in five different markets (Rocky Mount, Wendell, Carrboro, Lake Jeanette, Jacksonville), with clinic sizes ranging from two to 14 providers.
- Delivered increase in revenue run-rates more than four times the previous year, while also maintaining positive net profit and EBITDA.
- Acquired a care management services company with superior patient care expertise and with a knowledge base of more than 35 chronic conditions. This addition drove better outcomes, including the implementation of a rules-based platform for patient engagement.
- Reached an average $76,000 in shared savings and quality bonuses per FTE providers in clinics with value-based contracts.
- Established a long-term partnership with Evolent Care Partners in both Medicare MSSP and Commercial ACO.
- Teamed up with Quest Diagnostic to replace internal lab services and establish the first Patient Service Center for Quest in Eastern North Carolina.
- CMM's technology arms contracted with two of the "30 largest health systems" in the country (total 210 hospitals combined), opening opportunities to expand CMM nation-wide with clinic relationships and value-based care technologies deployed in advance.
CMM took advantage of the two healthcare IT ventures* under common control to deliver notable financial and quality outcomes, such as managing care between clinics, hospitals and specialists, and enabling clinics to join forces without changing electronic health records (EHR). These measures have resulted in favorable insurance contracts and significant shared savings.
"Through partnering with the physician owners of large and small successful clinics, we started CMM to deliver high-value care to both urban and rural areas, and infuse technology and operational know-how to practices already serving their communities," said CMM co-founder and CEO Siu Tong, PhD. "When practices are supported by the right technology and clinic operational expertise, they can deliver better care at a lower cost. We are providing support for our network to thrive under the burden of COVID and other ever-changing conditions."
CMM plans to sustain its momentum in 2022 and further expand across North Carolina to deliver on its mission and vision to help deliver high-value and quality healthcare throughout the state, with an eye on expanding to other parts of the country.
*Infina Connect Healthcare Systems and Smartlink Health Solutions.
About Cary Medical Management
Established in 2019, Cary Medical Management was created by a group of experienced clinic operators, physicians, and executives of leading healthcare technology companies with a vision to drive home the "trillion-dollar transformation to value-based-care" promised by the Affordable Care Act. CMM's role is to leverage their wealth of healthcare experience and strong financial backing to ensure their portfolio clinics succeed in the new era of healthcare quality and value. https://carymso.com/
Press Contact:
April Umminger, Public Relations Specialist
[email protected]
703-340-6716
Clinic Contact:
Clifford Tse, Vice President of Acquisitions
[email protected]
Jonathan Fowler, Vice President of Operations
[email protected]
SOURCE Cary Medical Management
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