Passport Health to expand partnership with Evolent
Passport Health Plan is expanding a financial and operating partnership with Evolent Health, provider of an integrated value-based care platform that uses advanced data integration, predictive technology and analytics.
Pending regulatory approval, Evolent, which has been working with Passport since 2016, will invest $70 million for a 70 percent ownership interest in Passport, a Medicaid provider based in Louisville, Ky.
Evolent will continue to provide management assistance and technical support for Passport’s coverage of more than 300,000 beneficiaries.
The proposal will expand Evolent’s existing management services agreement (MSA) with Passport, increasing Evolent’s administrative, clinical and financial operations and oversight, the companies say. Under the newly anticipated 10-year agreement, Evolent will add additional clinical program support, network optimization and specialty care management, particularly in the fields of oncology and cardiovascular services.
Passport Health will continue to make use of Evolent’s platform, IdentifiSM—built to manage value-based care, in addition to network management, risk adjustment, core claims administration, member management and reporting—all in one platform, according to Evolent.
Evolent will join Passport Health’s current owners, which include The University of Louisville, University of Louisville Physicians, University Medical Center, Jewish Heritage Fund for Excellence, Norton Healthcare and the Louisville/Jefferson County Primary Care Association.
Passport and Evolent formed the Medicaid Center of Excellence in 2016 to improve health outcomes for Medicaid beneficiaries in Kentucky and in several states nationwide. Since the dawn of that partnership, Evolent “has directly engaged thousands of Passport members through innovative clinical programs and an integrated model of care in partnership with local providers,” the companies say.
"We strongly believe in Passport's mission and have been proud to partner with Passport's leadership team to serve the Commonwealth of Kentucky," says Frank Williams, CEO of Evolent. "We are confident that by leveraging our value-based care platform and the full scope of our clinical programs, as well as providing enhanced functional expertise, we can drive strong operational and financial performance.”
Neeli Bendapudi, president of the University of Louisville, says the university expects the partnership to “spark innovation in the delivery of care.” University of Louisville helped create Passport Health Plan in 1997.
"I am confident that Passport has a bright future ahead, thanks to the solid foundation we've built and the significant investment, expertise and support that Evolent brings to the table,” says Mark Carter, CEO of Passport Health Plan.
Carter says next steps for the health plan and Evolent include working with developers and key stakeholders to create a definitive plan and to select a real estate developer for the project.