Humana Inc. ( HUM Quick Quote HUM - Free Report) recently reinforced its value-based relationship with Vancouver Clinic by announcing the opening of Evergreen Place, which is run by the latter. Shares of Humana have lost 2.7% on Nov 19.
The neighborhood clinic, which is set to open on Nov 20, marks the second of its kind from the successful value-based relationship between Humana and Vancouver Clinic. Prior to this, Vancouver Plaza, which is the first clinic established as part of the agreement between the two health care providers, had opened last year in January. Improved patient outcomes reported across the first clinic has somewhat paved the way for establishment of the second clinic.
Moreover, the mutual intentions of Humana and Vancouver Clinic in serving patients have strengthened the relation between the two health care providers. It is worth mentioning that these neighborhood clinics by Vancouver Clinics are noteworthy as they are equipped with integrated care teams comprising doctors, nurses and other qualified medical personnel, who have an indepth understanding to cater to unique health situation of each patient. Meanwhile, Humana intends to provide the same service of offering personalized care, ranging from offering access to proactive health screenings to boosting telehealth services.
Evergreen Place, which is welcoming new patients, will accept all Medicare Advantage Health Maintenance Organization (HMO) and Preferred Provider Organization (PPO) plans presented by Humana in Washington. It will also accept a Humana Dual Eligible Special Needs Plan intended to serve specific patients, who are eligible for both Medicare and Medicaid. The latest neighborhood clinic is likely to result in improved health outcomes for Humana’s Medicare Advantage members across Clark County, WA.
Shares of this Zacks Rank #4 (Sell) health care provider have gained 20.3% in a year compared with the
industry’s growth of 14.2%. You can see . the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here Efforts to Strengthen Footprint in Washington
Notably, Humana has been intensifying its focus in providing value-based care across every part of the United States. Case in point, the company’s individual Medicare Advantage and commercial members are looked after by 67,000 primary care physicians forming part of over 1,000 value-based relationships as of Sep 30, 2020.
The company has undertaken a plethora of measures for extending the reach of its Medicare Advantage plans in the country. The latest announcement further reinforces the company’s intention to bolster footprint across Washington. In fact, Vancouver Clinic suitably fits in the scheme of Humana’s endeavors. It’s worth mentioning that Vancouver Clinic has an established presence across the community of Southwest Washington, where it has been offering primary care and more than 40 medical specialties.
Humana continues to ramp up efforts for bolstering its presence across the state. Case in point, the company expanded its services in Washington this week, where Medicare beneficiaries in the counties of Benton, Walla Walla and Franklin will have access to additional Medicare Advantage health plans during the 2021 Medicare Advantage and Prescription Drug Plan Annual Election Period (AEP).
Humana Poised to Benefit from Robust Medicare Business
The health care provider boasts of a strong Medicare business, which has been witnessing growing membership for quite some time. It remains well poised to benefit from a strong Medicare business through constant partnerships and extension of product offerings devised per needs of several communities it serves. The health care provider also intends to effectively serve newer Medicare markets.
In fact, Humana has raised its expectation of full year individual Medicare Advantage membership to be around 375,000 members compared with the prior range of 330,000-360,000 members. The new estimate reflects anticipated growth of around 10% year over year.
Furthermore, the health woes induced by the COVID-19 outbreak and an aging population has further led to a spur in the demand for Medicare Advantage plans.
Humana intends to capitalize on the prevailing scenario as it has rolled out a host of 2021 Medicare product offerings, such as Medicare Advantage and Prescription Drug Plans, to name a few. Other health care providers, such as
Centene Corporation ( CNC Quick Quote CNC - Free Report) , UnitedHealth Group Incorporated ( UNH Quick Quote UNH - Free Report) and Cigna Corporation ( CI Quick Quote CI - Free Report) , have also rolled out their 2021 Medicare Advantage plans on the back of growing potential of the Medicare business. 5 Stocks Set to Double
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