Banner|Aetna signs long-term contract extension
Banner|Aetna announced an agreement on a long-term extension of its joint venture relationship. Banner Health and Aetna created this joint venture four years ago to improve member experience, reduce costs, and improve health care outcomes. Through continued collaboration, it has grown to approximately 350,000 members and has delivered on its commitments of:
• Savings: Since the inception of Banner|Aetna, the Performance network has continued to drive an average cost savings of 8-14%*. The Performance network has proven to be a very attractive option and when given a choice of broad or performance network, more than half of local members choose a Performance network based plan.
• A Better Member Experience: Through the top-tier services provided by Banner Health doctors, Banner Nurse Now nurses helping members navigate the health care system, an easier to understand member welcome kit, and the adoption of an innovative low-cost virtual care offering through 98point6® Banner|Aetna has delivered an improved experience for members.
• Improved Outcomes: Proactive support for highest risk members through a unique Multi-disciplinary Care Team has helped members live their healthiest lives while supplying cost savings through earlier personal intervention.
“Banner Health Network (BHN) is proud to serve Banner|Aetna members through this successful joint venture. BHN and Banner|Aetna are committed to continuous improvement in member experience, provider experience, and the affordability of care for its members. This long-term agreement will allow us to continue investing in the success of Banner|Aetna,” said Chuck Lehn, President of Banner Health Network.
Looking to 2021, Banner|Aetna is focused on several enhancements:
More Savings through:
• Preferred unit cost savings for members and plan sponsors.
• Specialty medicine management services provided by locally based Banner Family Pharmacy to drive reduced waste management and provide the flexibility to deliver medications same day.
Superior Member Experience by:
• Moving care decisions closer to the provider by delegating additional utilization management responsibilities to Banner Health which streamlines processes and reduces errors.
• Developing a cost transparency and frictionless billing process with Banner Health, which will show costs upfront and result in one combined, easy to understand bill.
• Automating pre-authorization to streamline the process and improve the experience for patients and physicians.
• Providing easier access to care with digital tools like expanded online appointment scheduling, virtual primary care services through local PCPs or via an app, and more.
Increased Clinical Service Access by:
• Incorporating MinuteClinic® locations, including those at CVS® HealthHubTM settings, into its network to offer members additional options for affordable, coordinated, and convenient access to care.
“This is, by far, the most exciting endeavor I have been involved in during my 30 plus years in the health insurance industry,” said Tom Grote, CEO of Banner|Aetna. “I truly appreciate the ongoing support and investments our parent companies provide that will allow us to continue transforming health care in Arizona. We all look forward to building on our success from the previous four years.”