Divests Insurance Assets, Names New Executive Team and Relocates Headquarters
IRVINE, CA–(Marketwired – Sep 16, 2015) – ConcertoHealth, Inc. (formerly Fidelis SeniorCare) today announced it has divested its insurance assets to focus solely on expanding its innovative healthcare delivery model for dual-eligible Medicare and Medicaid patients. The company has relocated its headquarters to Irvine, CA, from Schaumburg, IL, and assembled a new executive leadership team from many of the nation’s leading healthcare companies.
ConcertoHealth has more than a decade of experience caring for Medicare, Medicaid and complex medical needs patients. The company gained a deep understanding of the complexities involved with healthcare delivery and financial risk management of these patient populations during its long tenure operating as both a Medicare Advantage health plan, Fidelis SecureCare, and as a care provider through the Fidelis SecureHome medical centers.
ConcertoHealth sold Fidelis SecureCare of Michigan, Inc. to Centene Corporation (NYSE: CNC) and Fidelis SecureCare of North Carolina, Inc. and Fidelis SecureCare of Texas, Inc. to FHP Insurance Holding Co., Inc. (Fresenius Health Partners) in transactions completed earlier this year. These divestitures allow ConcertoHealth to focus solely on expanding its medical home and care coordination model delivered through its Concerto Medical Centers.
ConcertoHealth has relocated its headquarters to Irvine, Calif., and projects that by year-end it will have approximately 285 employees combined including the headquarters and its Seattle and Detroit markets, up from just 79 employees in 2014.
New Management Team
A new leadership team with broad industry experience will lead the company.
“We have assembled a dynamic management team with the experience and competency to help drive rapid growth of ConcertoHealth nationwide,” said Alec Cunningham, Chief Executive Officer.
ConcertoHealth offers solutions to several critical vulnerabilities for patients and health plans alike — expanded access to personalized primary care, chronic condition management, and coordination of transitions between care settings.
ConcertoHealth’s model provides patients with healthcare services where and when they need them, eliminating the most common barriers to appropriate and timely care. By merging social work with care management, ConcertoHealth improves access to primary care services by building medical centers in the communities it serves, addressing both the social and economic realities these patients face.
The ConcertoHealth model includes:
“Healthcare reform has created substantial opportunities for us,” said Cunningham. “The expanded coverage and the ability to test innovative models against the backdrop of a rapidly growing aging population are all coming together to help us grow our operations.”
Growth and Expansion
The success of ConcertoHealth’s model was the basis for its selection by the State of Michigan Duals Demonstration Medicare-Medicaid Plan (MMP) program. In addition to two existing Concerto medical centers in Seattle and Detroit, the company recently opened three additional centers in Detroit and hired nearly 200 local market employees, infusing both capital and new jobs into the Detroit metro area.
“As both an investor and Michigander, I am pleased to be associated with ConcertoHealth. The ConcertoHealth model addresses both the medical and social needs of its patients, and directly supports Michigan’s initiative to provide comprehensive, superior-quality and cost-effective care for the Medicare and Medicaid populations of the state,” said Tim Petersen, Managing Director for Arboretum Ventures and Chairman of the ConcertoHealth Board of Directors.
ConcertoHealth Inc. has more than a decade of experience caring for the Medicare, Medicaid, frail and complex medical needs patient populations. The company addresses critical vulnerabilities for patients and health plans alike: expanded access to personalized primary care, chronic condition management and coordination of transitions between care settings. Through its ConcertoHealth Medical Centers, the company provides healthcare services where and when they’re needed, delivering primary care and care coordination regardless the location — be it clinic, home, hospital or post-acute settings. The company is headquartered in Irvine, Calif. For more information, please visit www.concertohealthcare.com.
ConcertoHealth Inc. is the leading risk-bearing provider of field-based complex care for persistently high-cost and rising-risk populations. The company’s multidisciplinary care teams meet patients where they are, with the care they need, whether in the home or hospital. The ConcertoHealth care model improves overall health quality and outcomes with a track record of reducing hospital admits by 47%, readmits by 40% and ER visits by 16% for the most frail and vulnerable populations in America, benefiting patients, payers and provider networks alike.