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Both companies together will develop and launch Innovation Health Plans, which will combine Aetna’s health benefits administration and care management services and Inova’s health care delivery services.
The joint venture is expected to be operative from January 1, 2013 and will enhance clinical integration of the health care community. While Inova Health System will be in charge of improving patient wellness through better care coordination and easy access to patient’s medical records, Aetna will provide technological support to Inova to carry out its task.
Innovation Health plans will offer new commercial and Medicare Advantage HMO and PPO products to the residents of Northern Virginia. The customers will benefit as a result of affordable products and well integrated health care resulting from partnership and involvement of community physicians.
Last month, Aetna announced an extension to the deal signed between Aetna and Banner Health Network for Accountable Care Collaboration in November last year. Following the extension of the contract, the companies will now offer health management and other patient oriented services to over 200,000 patients.
Aetna will promote improved care quality, coordination and convenience for the doctors and their patients covered by Banner Health on implementing its “technology stack” and various other care management services.
Aetna offers a wide array of programs and services that help control rising employee benefit costs while striving to improve the quality of health care, such as case management, disease management and patient safety programs; integrated medical, dental, pharmaceutical, behavioral health and disability information.
Aetna’s health care network boasts of more than 1 million health care professionals, over 580,000 primary care doctors and specialists and approximately 5400 hospitals.
Last week, peer Humana Inc. (HUM - Analyst Report) announced its partnership with Novo Nordisk Inc. (NVO) to conduct research and explore quality treatment options for diabetes. The partnership is part of Humana’s concerted efforts to provide better health care services to diabetic patients.
Aetna currently retains a Zacks # 3 Rank, which translates into a short-term ‘Hold’ rating. Considering its better-than-average fundamentals, we are maintaining our long-term “Outperform” recommendation on the shares.
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