Humana Inc. ( HUM Quick Quote HUM - Free Report) recently introduced the CenterWell brand, through which the company will bring together payer-agnostic senior-focused primary care facilities operating under the Partners in Primary Care and Family Physicians Group brands in a bid to offer enhanced health care services to the senior patients.
Notably, both Partners in Primary Care and Family Physicians Group will be recognized as CenterWell Senior Primary Care from April onwards, with CenterWell encompassing 41 and 24 centers that have been previously functioning under the Partners in Primary Care and Family Physicians Group brands, respectively. Welcoming patients from various Medicare Advantage plans, the value-based medical centers under the newly announced brand will devise personalized health care plans for seniors, which in turn will result in enhanced health outcomes and reduce medical costs.
Moreover, the CenterWell brand has provided Humana the scope of integrating additional health care services into it over the time period of next one or two years. It is worth mentioning that more than 90 senior-focused primary care centers of Conviva, through which Humana has been primarily serving South Florida and Texas, are not coming under the CenterWell brand.
Notably, Humana owns a significant number of payer-agnostic senior-focused primary care centers in an effort to address the need of treating senior patients through a value-based health ecosystem. With more than 170 such centers of the company operating currently, these centers have been ramping up expansion initiatives to reach every corner of the United States including the underserved regions that are grappling with lack of primary care for seniors. Also, the new brand is likely to bolster Humana’s national presence since the CenterWell Senior Primary Care holds promising growth prospects. While 15 centers have been inaugurated under the brand during 2020, up to 20 centers are likely to be opened in 2021 and through early 2022.
Time and again, Humana has undertaken initiatives for improving the health conditions of an aging U.S. population, which seems to increase with the passage of time. The fact has been further substantiated by a report published by the Statista Research Department per which the percentage of people aged 65 or more have accounted for 16.5% of the total U.S. population in 2019, which is projected to reach 22% by 2050. The COVID-19 pandemic has accentuated the need for treating elder adults, who remain highly susceptible to the virus.
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Furthermore, the health care provider has been witnessing growing membership in its Medicare business for quite some time. The trend continued during last year as well, wherein Medicare Advantage membership increased 11% year over year. For 2021, the company expects growth in individual Medicare Advantage membership of around 425,000-475,000 members, suggesting growth of 11-12%.
The business remains well-poised to benefit through constant partnerships and extension of product offerings for catering to the diverse needs of several communities it serves. The company has also encouraged increased use of telehealth services as a result of which its telehealth visits have shot up in 2020 compared to the previous years.
Other health care providers, such as
UnitedHealth Group Incorporated ( UNH Quick Quote UNH - Free Report) , Teladoc Health, Inc. ( TDOC Quick Quote TDOC - Free Report) and Cigna Corporation ( CI Quick Quote CI - Free Report) , have also been actively developing their telehealth services. +1,500% Growth: One of 2021’s Most Exciting Investment Opportunities
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