MagnaCare and Summit Medical Group Launch MagnaCare Summit Select
Last updated: Jan 13, 2012
Exclusive Partnership Delivers Cost Savings to Employers, Improves Patient Care
BERKELEY HEIGHTS – January 16, 2012 – MagnaCare, a health plan services company announced today a program relationship with Summit Medical Group, the largest physician-owned multispeciality practice in New Jersey, to offer MagnaCare Summit Select. This new program supports patients who receive their care from Summit Medical Group through a new benefit plan designed to deliver higher quality care at lower costs. The aggressive new model benefits employers and employees alike, with advanced technology that enables earlier identification of potential health risks to avoid costly, chronic and debilitating illness.
“MagnaCare is an ideal business partner for this program, offering a flexible and nimble corporate infrastructure,” says Simon J. Samaha, president and CEO of Summit Medical Group. “Together, our progressive methodologies give employers greater control over their healthcare spend, better value for every dollar spent, and a superior level of patient care.”
MagnaCare Summit Select encourages employers to direct their workforce to Summit Medical Group, a network of highly skilled practitioners – including specialists in virtually every healthcare discipline – that allows for complete integration of patient care in each office location and across the continuum. As a result, physicians make more informed decisions and are better able to meet patients’ needs.
Joseph Berardo, Jr., CEO and president of MagnaCare says, “We sought to partner with a group practice that was willing to take a vested interest in patient outcomes. Summit Medical Group aligns with our expectations. All providers are electronically integrated to virtually eliminate redundancies in patient treatments, prompt preventive screenings, and promote rigorous coordination of care that limits exposure to high-cost emergency procedures. By identifying and closing the gaps in care, we can help employers save money without restricting their employee’s healthcare and improve cost efficiency for providers, payor and patients.
MagnaCare works with re-insurance companies – also known as stop-loss carriers – to reduce an employer’s liability, using the Summit Select program. Stop-loss insurance is designed to limit claim coverage to a specific amount, ensuring that catastrophic claims or numerous claims do not upset the financial reserves of a self-funded plan.
“With the continued expansion of MagnaCare product offerings we are able to serve an even greater number of New Jersey employers seeking quality, comprehensive and value-driven healthcare,” says Berardo. “For the first time, employers are empowered to design, sponsor and control benefits that are truly appreciated by employees.”
MagnaCare, a health plan management company, is proactively reducing the cost of healthcare by offering self-funding options for employers of every size – as few as 15 employees in N.J. and 50 in N.Y. For more than 20 years MagnaCare has served commercial insurers such as health, workers compensation, or no fault, TPA’s, government entities, and labor markets. MagnaCare offers broad access to a broad provider network, predictive modeling analyses, member outreach programs or an integrated solution that includes full plan management services. Services include claims adjudication, eligibility management, client/customer service, and a full suite of products. MagnaCare was selected to the esteemed “Modern Healthcare’s 2010 and 2011 Best Places to Work in Healthcare.” Visit www.magnacare.com, www.facebook.com/magnacare, http://www.twitter.com/magnacare, http://blog.maganacare.com.
ABOUT SUMMIT MEDICAL GROUP