Cary Medical Management Shows Drastic Improvement of Primary Care Clinics in North Carolina Over the Past Two Years
Tech-Infused Primary Care Organization Demonstrated Significant Improvements of Patient Outcomes and Profitability
CARY, N.C., Aug. 26, 2021 /PRNewswire/ -- Cary Medical Management (CMM), a leading management service organization (MSO) headquartered in Cary, North Carolina, celebrates its second anniversary this September of providing high-quality primary care services to North Carolinians. The organization was formed in late 2019 by physicians, a clinic CEO, and Dr. Siu Tong, a successful healthcare entrepreneur.
"The past two years have been extremely difficult ones for independent, primary care clinics," said CMM founder Dr. Siu Tong. "Many primary care practices face extreme financial pressures from COVID and constant changes to healthcare. CMM's mission is to deliver better patient outcomes and financial stability to independent primary clinics."
The team came together to form CMM with a vision for the state of North Carolina, including rural communities to deliver better patient outcomes and significant shared savings to community-based primary care clinics.
Two years later, CMM has grown revenue three-fold, brokered a strategic partnership with a national lab vendor, and improved the profitability of their acquired clinics. CMM turned around its first acquired clinic from a negative 10 percent margin in a year to positive 10 percent during COVID, and is on track to further increase profitability this year due to superior performance in value-based care.
Specific milestones include:
- Drastic reduction in total medical costs of its patient populations via better patient outcomes.
- For example, the currently available Center for Medicare and Medicaid Services' (CMS) data showed CMM's clinic has an annual per capita total medical cost of $7,292 for their Medicare patient populations under CMS' Medicare Shared Savings Program (MSSP), while the average Medicare per capita spending in 2019 nationwide was $14,150.
- Plan to open the first Eastern North Carolina patient service center and rapid response laboratory by Quest Diagnostics next to the CMM's Rocky Mount Family Medical Center, taking down the clinic's internal lab.
- Investment in key strategic hires including Jonathan Fowler, Vice President of Operations, and Clifford Tse, Vice President of Acquisitions; in preparation for accelerating our partnership with clinics to improve outcomes.
"A recent survey from the New England Journal of Medicine this year cited that 20 to 40 percent of primary care clinics are planning to sell their practices, permanent closure or consolidation. Another survey this month cited 21 percent of primary care doctors plan to leave primary care within three years," said CMM co-founder and chief medical officer, Dr. Alex Tse. "If this materializes it will significantly reduce patient access and will result in higher medical costs for the country as a whole."
CMM developed a unique Tech-Enabled Primary Care Service to maximize shared-savings and operation efficiency. Clinics have the option to partner with CMM to share the upside while remaining independent or transition the operation to CMM's clinic as an exit strategy.
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/
Media Contact:
April Umminger
[email protected]
703-340-6716
SOURCE Cary Medical Management
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