Boston, MA (July 1, 2015) – Medical Professional Mutual Insurance Company, a Coverys company, announced today that it has executed a security purchase agreement with Archway Health Advisors (Archway) of Brookline, Massachusetts, and now holds an ownership position in Archway. The investment from Coverys provides Archway with additional resources to grow and expand its platform while offering valuable insights to Coverys on solutions to assist providers to successfully navigate the complexities of payment reform, financial risk management, and care improvement.
Archway provides a variety of advisory services and technology tools to help providers with a diverse range of reimbursement opportunities including those involving Medicare, Medicaid, private payers, and workers’ compensation programs. Through sophisticated analytics, Archway uses its experience to evaluate claims and clinical data to identify new opportunities to improve care and reduce costs. It has significant experience in designing and implementing bundled payment and other care and risk management programs and can share risk with clients by providing risk financing and reinsurance functions to protect healthcare providers against downside losses. Archway offers its services to the full care continuum including specialty physicians of all types, ACO’s hospitals and health systems, as well as skilled nursing facilities, home health agencies and continuing care retirement communities.
“We view the services Archway provides as critical to the success of providers in the era of healthcare reform and value-based medicine,” said Gregg L. Hanson, CEO and president of Coverys. “We believe the investment Coverys has made in Archway supports our goal to influence better outcomes for patients in terms of quality, and for healthcare providers, so they remain profitable and can continue to serve their communities.”
“With their strong financial backing and top-tier position in the medical professional liability insurance marketplace, as well as sharing a similar objective to improve the healthcare industry through patient safety, improved care initiatives, and new payment models, Coverys proved to be a great organization to partner with to expand our company,” said David Terry, CEO of Archway Health Advisors. “We are excited to move forward to accomplish our shared objectives through the development of a broader service platform.”
Coverys is an innovative medical professional liability insurance provider dedicated to helping its policyholders and clients anticipate, identify and manage risk to reduce errors, eliminate inefficiency and improve outcomes. As one of the largest medical professional liability insurance providers in the country, Coverys is responsible for insuring over 32,000 physicians, dentists, and allied healthcare providers, as well as more than 500 hospitals, health centers and clinics from coast to coast. Coverys has consistently been included in the Ward’s 50 for the past five years. In addition to its insurance products and service delivery to the healthcare industry, it also has established the Coverys Community Healthcare Foundation to support endeavors that focus on the improvement of patient safety as well as healthcare programs to reduce childhood obesity. For more information, visit Coverys at www.coverys.com.
ABOUT ARCHWAY HEALTH ADVISORS
The mission of Archway Health Advisors is to fix healthcare through payment reform. As the payor and provider worlds converge, healthcare organizations have a myriad of opportunities to manage care and risk in new ways. Archway’s goal is to work with providers to design, execute and finance the care and risk management programs that fit best with their opportunities and capabilities. Archway’s tools and services include:
Advisory services to providers who are evaluating new risk and care management opportunities
Analytics as a service tools, using claims and clinical data to evaluate these opportunities
Care model redesign tools and process support